| Variables | Calculation base Or Measurement |
| Managerial ownership | % of share owned by management. Means held by Directors, executives and managers. |
| Institutional ownership | % of share owned by other institution like banks insurance companies etc. |
| Family ownership | % of shares owned by directors and spouses and other family members. |
| Leverage | Leverage measures or show that how much the firm total assets are finance by debt or equity |
| Firms size | Firms’ size is measured by the logarithm of select firm total assets. |
| Net income | Net income is measured by the net income of the selected firms |