Women on Boards and Financial Performance of Malaysian Banks
Table 4: Estimation of regression findings
| Model 1 (ROA) |
|
|
Model 2 (ROE) |
|
|
WOM |
PWOM |
30%WOM |
WOM |
PWOM |
30%WOM |
|
REM |
REM |
FEM |
REM |
FEM |
FEM |
| Intercept |
-2.152* (1.183) |
-1.826(1.115) |
-1.879* (1.086) |
-13.722(14.349) |
-14.006(12.354) |
-16.006(11.982) |
| GENDER |
-0.124(0.136) |
-0.003(0.003) |
0.084(0.095) |
-0.235(1.643) |
0.073** (0.041) |
2.699** (1.053) |
| BOARD |
0.142(0.147) |
0.117(0.153) |
0.169(0.153) |
-0.746(1.780) |
-0.296(1.731) |
-0.054(1.692) |
| SIZE |
0.125*** (0.048) |
0.113** (0.045) |
0.106** (0.042) |
1.164** (0.581) |
1.047** (0.496) |
1.130** (0.469) |
| LEV |
-3.606***(1.068) |
-3.731***(1.106) |
-3.397***(1.089) |
-42.901***(12.935) |
-37.256***(12.409) |
-37.063***(12.016) |
| N |
90 |
90 |
90 |
90 |
90 |
90 |
| Adj. R2 |
12.33% |
12.70% |
8.72% |
10.23% |
4.79% |
6.55% |
| F-Test |
3.65*** |
3.08*** |
3.60*** |
5.83*** |
6.26*** |
7.26*** |
| Hausman test |
4.69 |
6.16 |
22.68*** |
7.01 |
89.91*** |
18.37*** |
|
Model 3 (ROIC) |
Model 4 (EPS) |
|
WOM |
PWOM |
30%WOM |
WOM |
PWOM |
30%WOM |
|
REM |
REM |
FEM |
REM |
FEM |
FEM |
| Intercept |
-4.494(8.127) |
-5.557(7.405) |
-7.303(7.339) |
-2.220(1.449) |
-2.367** (1.348) |
-2.520* (1.327) |
| GENDER |
1.045(0.945) |
0.053**(0.024) |
1.379**(0.645) |
0.075(0.163) |
0.002(0.004) |
-0.019(0.108) |
| BOARD |
-1.336(1.030) |
-0.793(1.038) |
-0.834(1.036) |
-0.625*** (0.175) |
-0.606*** (0.179) |
-0.632*** (0.179) |
| SIZE |
0.689**(0.329) |
0.663**(0.297) |
0.765***(0.287) |
0.182***(0.059) |
0.186***(0.054) |
0.197***(0.052) |
| LEV |
-43.536*** (7.411) |
-40.209*** (7.438) |
-41.237 ***(7.360) |
-5.260*** (1.287) |
-5.168*** (1.317) |
-5.345*** (1.307) |
| N |
90 |
90 |
90 |
90 |
90 |
90 |
| Adj. R2 |
27.43% |
24.13% |
26.08% |
43.04% |
34.04% |
33.90% |
| F-Test |
3.71*** |
4.31*** |
4.27*** |
13.05*** |
43.86*** |
11.09*** |
| Haussman test |
127.36*** |
38.05*** |
102.18*** |
2.60 |
4.68 |
3.34 |
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