S2 steps ystem GMM models for female ratio in board(1) (2) (3)GDP_G GDP_G GDP_Gb/se b/se b/seL.GDP_G 0.00 !0.131 !0.1"1#$0.0%&' $0.0%3' $0.0%"'lnGDP_L() !1.31"### 0.%20 0.&1&$0.3%0' $0."22' $0.&"3'*+,_D(P-. !0.00% !0.0&"### !0.0&%###$0.00%' $0.020' $0.02"'*/ 0.221## 0.02 !0.03$0.00"' $0.113' $0.0"1'-/ !0.001 0.01### 0.01###$0.00"' $0.01' $0.011'D2M1_*/ 0.121 0.02## 0.%%###$0.00"' $0.1&3' $0.001'G/)_(3P !0.00 0.312## 0.202$0.003' $0.13"' $0.13"'P/P_45-( !1.11"### !1.%01### !1.%21###$0.3""' $0.3&1' $0.3%"'_6ons 11.112### !&.&0$2.1"1' $1.2"2'/bser7ations 11& 11& 10%8ald 69i!s:;ared00.0%% 2&.11"&.301541 0.000 0.000 0.000!1.00542 0.0"!0.02.ansen test 0.3"1.00&9ansenp 1.000(1) (2) (3) () (1) (")GDP_G GDP_G GDP_G GDP_G GDP_G GDP_Gb/se b/se b/se b/se b/se b/seL.GDP_G !0.00 0.000 !0.12 !0.12" !0.11# !0.11#$0.0%%' $0.0%%' $0.0%1' $0.0%' $0.0%1' $0.0&&'lnGDP_L() !1.101### !1.301### 0.1"1 0.3% 0.111 0.30%$0.3"0' $0.3%1' $0."21' $0."3"' $0.&12' $0.%30'*+,_D(P-. !0.00& !0.000 !0.0%2### !0.0%0### !0.0%## !0.000###$0.00%' $0.000' $0.021' $0.022' $0.02&' $0.030'*/ 0.202### 0.31"### 0.33### 0.331### 0.330### 0.321###$0.0%0' $0.0%3' $0.0%3' $0.0%' $0.011' $0.0"%'-/ 0.001 !0.00 0.0"### 0.0&3## 0.0%### 0.0%%1$0.00"' $0.00&' $0.01' $0.020' $0.011' $0.0"1'G/)_(3P !0.021 0.001 0.323## 0.33"## 0.21# 0.2&1##$0.002' $0.00"' $0.130' $0.130' $0.122' $0.101'P/P_45-( !1.000### !1.131### !1.&23### !1.""1### !1.&30### !1."%2###$0.3"&' $0.3"0' $0.3&&' $0.3%1' $0.&' $0.&3'D2M1 0.001 !0.03" !0.00$0.00' $0.03' $0.0&'_6ons 1.0%%### 11.00"### !.100 !3."00$2.00"' $2.103' $1.211' $1.2""'/bser7ations 11& 11& 11& 11& 10% 10%8ald 69i!s:;ared%&.% %%.0&1 &%.&21 233.011&.31 ".1%2541 0.000 0.000 0.000 0.000 0.000 0.000!2.20% !2.1%542 0.02& 0.020!0.1%% !0.&00.ansen test 0.11" 0.&02.00 2.3"09ansenp 1.000 1.000(1) (2) (3) () (1) (")GDP_G GDP_G GDP_G GDP_G GDP_G GDP_Gb/se b/se b/se b/se b/se b/seL.GDP_G !0.00 0.000 !0.12 !0.12" !0.11# !0.11#$0.0%%' $0.0%%' $0.0%1' $0.0%' $0.0%1' $0.0&&'lnGDP_L() !1.101### !1.301### 0.1"1 0.3% 0.111 0.30%$0.3"0' $0.3%1' $0."21' $0."3"' $0.&12' $0.%30'*+,_D(P-. !0.00& !0.000 !0.0%2### !0.0%0### !0.0%## !0.000###$0.00%' $0.000' $0.021' $0.022' $0.02&' $0.030'*/ 0.202### 0.31"### 0.33### 0.331### 0.330### 0.321###$0.0%0' $0.0%3' $0.0%3' $0.0%' $0.011' $0.0"%'-/ 0.001 !0.00 0.0"### 0.0&3## 0.0%### 0.0%%$0.00"' $0.00&' $0.01' $0.020' $0.011' $0.0"1'G/)_(3P !0.021 0.001 0.323## 0.33"## 0.21# 0.2&1##$0.002' $0.00"' $0.130' $0.130' $0.122' $0.101'P/P_45-( !1.000### !1.131### !1.&23### !1.""1### !1.&30### !1."%2###$0.3"&' $0.3"0' $0.3&&' $0.3%1' $0.&' $0.&3'D2M1 0.001 !0.03" !0.00$0.00' $0.03' $0.0&'_6ons 1.0%%### 11.00"### !.100 !3."00$2.00"' $2.103' $1.211' $1.2""'/bser7ations 11& 11& 11& 11& 10% 10%8ald 69i!s:;ared%&.% %%.0&1 &%.&21 233.011&.31 ".1%22541!2.20% !2.1%542 0.02& 0.020!0.1%% !0.&00.ansen test 0.11" 0.&02.00 2.3"09ansenp 1.000 1.000(1)GDP_Gb/seL.GDP_G !0.12"$0.0%'lnGDP_L() 0.3%$0."3"'*+,_D(P-. !0.0%0###$0.022'*/ 0.331###$0.0%'-/ 0.0&3##$0.020'D2M1 !0.03"$0.03'G/)_(3P 0.33"##$0.130'P/P_45-( !1.""1###$0.3%1'_6ons !3."00$1.2""', 11&* ".1%2p 0.000(1) (2) (3) ()GDP_G GDP_G GDP_G GDP_Gb/se b/se b/se b/seL.GDP_G !0.00 0.000 !0.001 !0.001$0.0%%' $0.0%0' $0.0%%' $0.000'lnGDP_L() !1.101### !1.201### !1.22## !1.21##$0.3"0' $0.3&1' $0.30%' $0.01'*+,_D(P-. !0.00& !0.00& !0.00" !0.00"$0.00%' $0.00%' $0.010' $0.011'*/ 0.202### 0.21 0.20### 0.212$0.0%0' $0.111' $0.0%0' $0.1""'-/ 0.001 0.001 !0.003 !0.001$0.00"' $0.00"' $0.01"' $0.01&'3G/)_(3P !0.021 !0.023 !0.010 !0.021$0.002' $0.003' $0.00"' $0.00&'P/P_45-( !1.000### !1.123### !1.001### !1.121###$0.3"&' $0.3&0' $0.3"0' $0.3%1'*/2 0.002 0.002$0.00"' $0.00"'-/2 0.000 0.000$0.000' $0.000'_6ons 1.0%%### 1.2"0### 1.110### 1.3###$2.00"' $2.0&"' $2.""0' $2."%1', 11& 11& 11& 11&