Board Gender Diversity and Banks Profitability for Business Viability: Evidence from Serbia
Abstract
:1. Introduction
2. Review of Literature and Definition of Hypotheses
3. Methodology and Data
4. Research Results and Discussion
5. Conclusions
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
References
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Variables | Mean | Std. Deviation | Minimum | Maximum | |
---|---|---|---|---|---|
Before the COVID-19 Pandemic | |||||
Dependent variables | |||||
ROA | 0.008 | 0.003 | −0.081 | 0.120 | |
ROE | 0.046 | 0.139 | −0.636 | 0.477 | |
Independent variables | |||||
BS | 5.797 | 0.901 | 5 | 8 | |
PWB | 0.214 | 0.150 | 0 | 0.6 | |
PWCEO | 0.320 | 0.260 | 0 | 1 | |
Bank-specific control variables | |||||
SIZE | 18.011 | 1.418 | 14.432 | 20.296 | |
TLR | 0.637 | 0.150 | 0.012 | 0.893 | |
CRS | 0.209 | 0.118 | 0.069 | 0.983 | |
During the COVID-19 pandemic | |||||
Dependent variables | |||||
ROA | 0.006 | 0.014 | −0.032 | 0.042 | |
ROE | 0.038 | 0.072 | −0.141 | 0.212 | |
Independent variables | |||||
BS | 6.065 | 1.497 | 5 | 11 | |
PWB | 0.205 | 0.180 | 0 | 0.6 | |
PWCEO | 0.370 | 0.269 | 0 | 1 | |
Bank-specific control variables | |||||
SIZE | 18.377 | 1.421 | 15.648 | 20.494 | |
TLR | 0.625 | 0.127 | 0.351 | 0.852 | |
CRS | 0.159 | 0.053 | 0.077 | 0.326 | |
Control macroeconomic variables | |||||
Year | 2017 | 2018 | 2019 | 2020 | 2021 |
INFL | 0.031 | 0.020 | 0.018 | 0.016 | 0.041 |
ROA | ROE | BS | PWB | PWCEO | SIZE | TLR | CRS | INFL | |
---|---|---|---|---|---|---|---|---|---|
ROA | 1 | 0.956 ** | 0.266 * | 0.243 | −0.067 * | 0.448 ** | 0.143 | 0.130 | 0.008 |
ROE | 0.958 | 1 | 0.260 * | 0.207 | −0.105 * | 0.453 ** | 0.111 | −0.068 | 0.057 |
BS | 0.353 | 0.391 ** | 1 | 0.351 * | 0.005 | 0.526 ** | 0.234 | −0.242 | 0.036 |
PWB | 0.122 | 0.151 | −0.001 | 1 | 0.016 | 0.312 * | 0.185 | −0.165 | 0.070 |
PWCEO | −0.269* | −0.236 * | −0.067 | 0.122 | 1 | −0.140 | −0.107 | 0.033 | 0.136 |
SIZE | 0.569 ** | 0.569 ** | 0.487 ** | 0.245 * | −0.032 | 1 | 0.099 | −0.325 | 0.093 |
TLR | 0.117 | 0.107 | 0.053 | −0.070 | 0.015 | −0.017 | 1 | −0.236 | 0.057 |
CRS | −0.009 | −0.188 | −0.093 | −0.355 | −0.174 | −0.237 | −0.184 | 1 | −0.205 |
INFL | 0.094 | 0.051 | 0.016 | −0.042 | −0.043 | −0.113 | −0.011 | 0.107 | 1 |
Before the COVID-19 Pandemic | During the COVID-19 Pandemic | |||
---|---|---|---|---|
Depend | ROA | ROE | ROA | ROE |
Chi-sq. statistic | 12.024 | 13.728 | 9.448 | 8.693 |
Chi-sq. d.f. | 7 | 7 | 7 | 7 |
p-value | 0.004 | 0.029 | 0.013 | 0.019 |
Effects | Fixed | Fixed | Fixed | Fixed |
Before the COVID-19 Pandemic | During the COVID-19 Pandemic | |||
---|---|---|---|---|
ROA | ROE | ROA | ROE | |
C | −0.579 | −4.559 | −4.045 | −4.922 |
(−1.776) ** | (−2.741) ** | (−1.874) ** | (−2.197) * | |
BS | 0.012 | 0.018 | 0.017 | 0.024 |
(0.016) | (0.169) | (0.547) * | (0.603) * | |
PWB | −0.044 | −0.199 | −0.187 | −0.011 |
(−0.609) | (−1.010) | (−1.009) | (−0.472) | |
PWCEO | −0.009 | −0.003 | −0.006 | −0.010 |
(−0.183) ** | (−0.125) ** | (−0.278) ** | (−0.354) ** | |
SIZE | 0.042 | 0.291 | 0.927 | 0.136 |
(2.303) ** | (3.091) *** | (2.703) *** | (3.027) ** | |
TLR | −0.135 | −0.559 | 0.026 | 0.033 |
(−2.208) * | (−1.795) * | (0.624) | (0.507) | |
−0.034 | 0.219 | 0.036 | 0.062 | |
CRS | (−0.604) | (0.723) | (0.871) * | (0.022) |
0.002 | 0.001 | −0.143 | −0.121 | |
INFL | (2.032) * | (0.159) * | (−0.321) * | (−0.196) |
Adj. R2 | 0.204 | 0.219 | 0.143 | 0.132 |
F-Value | (4.773) *** | (4.856) *** | (1.971) ** | (1.773) ** |
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Milojević, S.; Milašinović, M.; Mitrović, A.; Ognjanović, J.; Raičević, J.; Zdravković, N.; Knežević, S.; Grivec, M. Board Gender Diversity and Banks Profitability for Business Viability: Evidence from Serbia. Sustainability 2023, 15, 10501. https://doi.org/10.3390/su151310501
Milojević S, Milašinović M, Mitrović A, Ognjanović J, Raičević J, Zdravković N, Knežević S, Grivec M. Board Gender Diversity and Banks Profitability for Business Viability: Evidence from Serbia. Sustainability. 2023; 15(13):10501. https://doi.org/10.3390/su151310501
Chicago/Turabian StyleMilojević, Stefan, Marko Milašinović, Aleksandra Mitrović, Jasmina Ognjanović, Jelena Raičević, Nebojša Zdravković, Snežana Knežević, and Malči Grivec. 2023. "Board Gender Diversity and Banks Profitability for Business Viability: Evidence from Serbia" Sustainability 15, no. 13: 10501. https://doi.org/10.3390/su151310501