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Table 2 Pairwise correlations

From: Dividend policy framework and bank risk-taking in Africa: do women inclusion in governance system offer new insight?

Variables

VIF

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

(1) Independent women on board

1.07

1.000

            

(2) Women in ministry

1.49

0.047

1.000

           
 

(0.282)

            

(3) Women in parliament

1.47

0.048

0.511

1.000

          
 

(0.165)

(0.000)

           

(4) Dividend payout decision

1.53

− 0.044

0.022

0.064

1.000

         
 

(0.198)

(0.615)

(0.063)

          

(5) Dividend yield

1.36

− 0.048

0.100

0.056

− 0.260

1.000

        
 

(0.156)

(0.023)

(0.104)

(0.000)

         

(6) Bank concentration

1.08

0.078

0.029

− 0.039

0.024

0.096

1.000

       
 

(0.063)

(0.593)

(0.366)

(0.566)

(0.022)

        

(7) Overhead costs

1.13

− 0.003

− 0.006

0.002

− 0.009

− 0.091

0.009

1.000

      
 

(0.934)

(0.906)

(0.955)

(0.812)

(0.021)

(0.836)

       

(8) Credit risk

1.60

0.027

− 0.027

− 0.040

− 0.016

− 0.234

0.072

− 0.014

1.000

     
 

(0.471)

(0.556)

(0.289)

(0.665)

(0.000)

(0.119)

(0.743)

      

(9) Capital regulation

2.51

0.088

0.179

0.262

0.024

0.215

− 0.093

0.029

− 0.293

1.000

    
 

(0.022)

(0.000)

(0.000)

(0.530)

(0.000)

(0.047)

(0.509)

(0.000)

     

(10) inflation

1.28

− 0.030

0.028

− 0.063

0.014

− 0.071

0.028

− 0.053

0.109

− 0.118

1.000

   
 

(0.387)

(0.534)

(0.071)

(0.683)

(0.038)

(0.506)

(0.186)

(0.004)

(0.003)

    

(11) Foreign bank entry

1.35

0.099

0.026

− 0.010

− 0.110

− 0.003

− 0.036

− 0.089

0.154

− 0.014

0.032

1.000

  
 

(0.003)

(0.562)

(0.772)

(0.001)

(0.935)

(0.395)

(0.022)

(0.000)

(0.712)

(0.347)

   

(12) realgdppc

1.74

− 0.082

0.031

0.025

0.167

− 0.040

− 0.077

− 0.051

0.026

− 0.062

0.176

− 0.036

1.000

 
 

(0.018)

(0.497)

(0.487)

(0.000)

(0.247)

(0.071)

(0.200)

(0.484)

(0.114)

(0.000)

(0.293)

  

(13) institution

1.04

0.045

0.057

− 0.014

− 0.024

− 0.015

0.053

− 0.017

− 0.003

0.030

0.009

0.043

0.018

1.000

 

(0.209)

(0.215)

(0.701)

(0.494)

(0.664)

(0.228)

(0.676)

(0.943)

(0.451)

(0.814)

(0.223)

(0.619)

 
  1. Z_score (equals the return on assets plus the capital asset ratio divided by the standard deviation of asset returns) and it is an inverse measure of bank risk-taking; Dividend Policy framework is measured with dividend payout decision and dividend yield. Dividend payout decision is measured as a dummy equal 1 if the ratio of dividend per share to earnings per share is strictly greater than 0 and 0 otherwise. Dividend yield is measured as the ratio of dividend per share to market price per share; Independent women directors on the board is a dummy variable equal to 1, if the board has at least one female, otherwise zero (0); Women in country-level governance position consists of two indicators at the country-level, including women in ministry (measured as the proportion of women in ministerial position) and women in parliament (measured as the proportion of seats held by women in parliament); It is an aggregate index of the dummies of women on the board of the banks in a given country; Bank Concentration is the industry asset concentration of banks, measured as the ratio of asset of the three largest commercial natural logarithm of total bank assets; bank overhead cost (ratio of overhead cost to total asset); Credit Risk is the ratio of nonperforming to gross loan; capital regulation is the ratio of bank regulation capital to risk weighted assets; inflation rate is the inflation rate per year of a country; real GDP per capita (real gross domestic product (GDP) per capita); Institutions is measured as an aggregate of six indicators (rule of law, government effectiveness, control of corruption, political stability, regulatory quality and voice and accountability) from the World Governance Indicators; Data on these control variables were obtained from the World Bank Global Financial Development database
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