Table 6 Board gender diversity and real earnings management

L.REM

− 0.338***

− 0.083***

− 0.139***

− 0.274***

0.162***

− 0.172***

(0.025)

(0.019)

(0.015)

(0.026)

(0.005)

(0.018)

BRDDIV

− 0.072**

− 0.090**

− 0.010

− 0.202***

− 0.090***

− 0.234***

(0.035)

(0.042)

(0.008)

(0.063)

(0.008)

(0.060)

ROA

1.326**

− 1.301

− 0.315**

− 1.984*

− 0.393***

− 1.337

(0.560)

(0.848)

(0.145)

(1.110)

(0.075)

(1.114)

ROE

0.763**

0.432

0.317***

− 0.898

− 0.138***

− 0.799

(0.341)

(0.442)

(0.083)

(0.740)

(0.032)

(0.711)

LIQ

− 0.020

0.155***

− 0.012***

0.113***

− 0.010***

0.112***

(0.017)

(0.028)

(0.003)

(0.039)

(0.002)

(0.033)

LEV

− 1.186***

− 1.216***

0.079

− 0.101

− 0.102***

− 0.785***

(0.185)

(0.206)

(0.051)

(0.291)

(0.009)

(0.249)

GEAR

0.142***

0.227**

− 0.117***

0.284***

0.043***

0.444***

(0.047)

(0.088)

(0.014)

(0.083)

(0.005)

(0.071)

FIRMSIZER

− 0.096**

− 0.403***

− 0.032*

− 0.280***

− 0.030***

− 0.258***

(0.048)

(0.087)

(0.018)

(0.085)

(0.004)

(0.085)

ASSTAN

0.334**

0.185

0.057

− 0.431**

− 0.062***

− 0.179

(0.162)

(0.219)

(0.036)

(0.201)

(0.007)

(0.252)

OC

0.109**

0.224**

0.079***

0.108

0.022***

0.085

(0.047)

(0.098)

(0.018)

(0.096)

(0.003)

(0.098)

EMFLEX

0.085

1.328***

0.031

1.246***

0.031***

0.930***

(0.123)

(0.174)

(0.031)

(0.213)

(0.008)

(0.185)

Constant

− 0.030

0.640

− 0.172*

0.601

0.028

0.612

(0.287)

(0.719)

(0.095)

(0.512)

(0.023)

(0.488)

Observations

936

936

936

936

936

936

Number of firms

78

78

78

78

78

78

Number of instruments

61

61

61

61

76

61

AR (1) test (p value)

0.000

0.000

0.000

0.000

0.000

0.000

AR (2) test (p value)

0.374

0.515

0.244

0.701

0.666

0.411

Hansen test (p value)

0.477

0.576

0.797

0.414

0.305

0.312