In our initial submission, we used winsorized data for all our econometric analysis. However, we, inadvertently, displayed summary statistics (Table 2) for raw data, i.e., before winsorizing. We should have reported only winsorized summary statistics. This is precisely what we do in this revised version of the paper. The reason for winsorizing data (beyond its advantage of having regular statistical distribution) was that we initially have detected outliers. Further investigation revealed that one company (RIC: OBE.TO; CompName: Obsidian Energy Ltd) is responsible for these outliers. The company had presumably reported wrong values in FY-12, where PP&E was higher than Total Assets (see table below from Refinitiv Eikon). We have reported this case to Refinitiv (Case number: 11297339) and our doubts were confirmed (See their response below). Refinitiv Eikon replaced old value of PP&E (27834189009) with a correct value (10788172656). In order to avoid similar mistakes, we opted for winsorizing data and avoid outliers. Similarly, only one company had negative Tobins’ Q in 2017 (RIC: ELR.TO ; company name: Eastern Platinum Ltd), which was a reporting typo as well. However, our analysis is not affected by these outliers which are removed after winsorizing all the variables. In this revised version of the paper, we replace the table of summary statistics with the one based on winsorized variables.
Gender diversity on the board and firms’ corporate social responsibility.