Special economic zones, gender and innovations: new evidence from an emerging economy

Figures & data

Table 1. Trend in female CEOs and innovations.

	Full Sample	SEZ Registered Sample	Non-SEZ Sample
Firms	328(100%)	106(32.32%)	222(67.68%)
Female CEO	12.81%	14.15%	12.16%
Female CEOs Engaged in Product Innovation	13.51%	16.07%	12.40%
Female CEOs Engaged in Process Innovation	13.42%	16.28%	12.26%
Product Innovation	56.40%	52.83%	58.11%
Process Innovation	45.43%	40.57%	47.75%

Table 2. Summary of variable employed.

Variable	Measurement	Symbol	Expected Sign
Product Innovation	Dummy variable which assumes a value 1 if a firm introduced new or upgraded its product	Product_Innov
Process Innovation	Dummy variable which assumes a value 1 if a firm introduced new or upgraded its process	Process_Innov
Female CEO	Dummy variable which assumes a value 1 if the CEO of a firm is a female	CEOFEM	+
Female CEO in Registered SEZ firms	Dummy variable which assumes a value 1 if the CEO of a SEZ registered firm is a female	CEOFEMSEZin	+
Female CEO in Registered SEZ firms and operating from SEZ enclaves	Dummy variable which assumes a value 1 if the CEO of a SEZ registered firm is a female and operates from an SEZ enclave	CEOFEMSEZout	+
Female CEO in Registered SEZ firms and operating from nonSEZ enclaves	Dummy variable which assumes a value 1 if the CEO of a SEZ registered firm is a female and operates outside an SEZ enclave	CEOFEMSEZin	+
Production Output	Natural log of production output		+
Revenue	Natural log of revenue	LnRev	–

Table 3. Summary statistics.

Variable	Obs	Mean	Std. Dev	Min	Max	VIF
product innov	1312	.564	.496	0	1	–
process innov	1312	.454	.498	0	1	–
ceofem	1312	.128	.334	0	1	1.05
fceoSEZin	1312	.006	.078	0	1	1.00
fceoNonSEZout	1312	.082	.275	0	1	1.03
fceoSEZout	1312	.04	.195	0	1	1.01
lnY	970	12.508	2.944	.463	19.165	5.09
lnrrevenue	1064	12.624	2.871	−.967	20.465	5.05

Table 4. Pairwise correlations.

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
(1) product_innov	1.000
(2) process_innov	0.802*	1.000
(3) ceofem	0.024	0.017	1.000
(4) fceoSEZin	−0.010	0.007	0.204*	1.000
(5) fceoNonSEZout	0.017	0.016	0.782*	−0.023	1.000
(6) fceoSEZout	0.021	0.003	0.530*	−0.016	−0.061*	1.000
(7) lnY	−0.022	−0.012	−0.084*	−0.013	−0.121*	0.043	1.000
(8) lnrrevenue	−0.009	−0.024	0.010	−0.015	−0.043	0.083*	0.893*	1.000

*** p < 0.01, **p < 0.05, *p < 0.1.

Table 5. Treatment estimation of effect of female CEOs on innovations - IPW.

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
	Product Innovation				Process Innovation
VARIABLES	Full Sample	Registered SEZ Firms	Registered SZEs Outside Enclave	Registered SEZ firms Inside Enclave	Full Sample	Registered SEZ Firms	Registered SZEs Outside Enclave	Registered SEZ firms Inside Enclave
r1vs0.ceofem	0.097*	0.223***	0.256***	0.560***	0.115**	0.316***	0.326***	0.674***
	(0.050)	(0.072)	(0.065)	(0.073)	(0.053)	(0.074)	(0.076)	(0.062)
Observations	952	326	260	66	952	326	260	66

Note: Log of production output, log of revenue, nationality, industry, region and technological effects are employed as control variables in all the models.

Standard errors in parentheses – ***p < 0.01, **p < 0.05, *p < 0.1.

Table 6. Treatment estimation of effect of female CEOs on innovations - PSM.

	(9)	(10)	(11)	(12)	(13)	(14)	(15)	(16)
	Product Innovation				Process Innovation
VARIABLES	Full Sample	Registered SEZ Firms	Registered SZEs Outside Enclave	Registered SEZ firms Inside Enclave	Full Sample	Registered SEZ Firms	Registered SZEs Outside Enclave	Registered SEZ firms Inside Enclave
r1vs0.ceofem	−0.001	0.328***	0.242***	0.561***	0.077	0.448***	0.319***	0.727***
	(0.064)	(0.050)	(0.060)	(0.062)	(0.065)	(0.050)	(0.066)	(0.054)
Observations	952	326	260	66	952	326	260	66

Note: Log of production output, log of revenue, nationality, industry, region and technological effects are employed as control variables in all the models.

Standard errors in parentheses – ***p < 0.01, **p < 0.05, *p < 0.1.

Table 7. Effect of female CEOs on innovations - logit.

	(17)	(18)	(19)	(20)	(21)	(22)	(23)	(24)	(25)	(26)
	Product Innovation					Process Innovation
VARIABLES	Full Sample	Registered SEZ Firms	Registered SZEs Outside Enclave	Registered SEZ firms Inside Enclave	All	Full Sample	Registered SEZ Firms	Registered SZEs Outside Enclave	Registered SEZ firms Inside Enclave	All
ceofem	0.660***	1.093***	1.244***	1.943**		0.660***	1.093***	1.244***	1.943**
	(0.201)	(0.371)	(0.414)	(0.820)		(0.201)	(0.371)	(0.414)	(0.820)
fceoSEZin					−0.558					0.072
					(0.625)					(0.684)
fceoSEZout					0.827**					1.128***
					(0.412)					(0.386)
fceoNonSEZout					0.406*					0.561**
					(0.240)					(0.237)
lnY	0.099*	0.204*	0.221*	−0.126	0.029	0.099*	0.204*	0.221*	−0.126	0.099*
	(0.057)	(0.120)	(0.122)	(1.361)	(0.053)	(0.057)	(0.120)	(0.122)	(1.361)	(0.058)
lnrrevenue	−0.116**	−0.255**	−0.231*	0.057	−0.049	−0.116**	−0.255**	−0.231*	0.057	−0.120**
	(0.059)	(0.126)	(0.129)	(1.259)	(0.054)	(0.059)	(0.126)	(0.129)	(1.259)	(0.059)
Constant	16.894	−12.225	−38.254	−36.542	20.534	16.894	−12.225	−38.254	−36.542	15.462
	(119.911)	(211.287)	(234.411)	(954.729)	(119.117)	(119.911)	(211.287)	(234.411)	(954.729)	(120.077)
Year Effect	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Sector Effect	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Nationality Effect	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Regional Effect	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Observations	952	326	260	66	952	952	326	260	66	952

Note: Nationality, industry, region and technological effects are employed as control variables in all the models.

Standard errors in parentheses – ***p < 0.01, **p < 0.05, *p < 0.1.