| S.No. | Variable name | Description | Measurement |
| Independent variables |
| ||
| Variables pertaining to ownership | |||
| 4 | PrOwn | percentage of total equity ownership of promoter group in the company | percentage |
| 5 | InstOwn | percentage of total equity ownership of institutional investors in the company | percentage |
| 6 | FFIOwn | percentage of total equity ownership of foreign institutional investors (FIIs) in the company | percentage |
| Variables pertaining to board of directors | |||
| 7 | Bsize | number of directors on the board of a firm | number |
| 8 | Bind | percentage of outside directors of total number of directors | percentage |
| 9 | Bmeet | number of board meetings in a year | number |
| 10 | Duality | a binary variable if chairman of the board is also CEO of the company its value is 0 otherwise 1 | binary number |
| 11 | Busyout (OBUSYD) | average number of directorship/chairmanship position held by the directors of a company in other companies | number |
| 12 | Busyout (OBUSYC) | average number of committee position held by the directors of a company in other companies | number |
| 13 | Busyin (IBUSY) | average number of board meeting attended by the directors of a company | number |
| Control variables |
|
| |
| 14 | Fsize | natural logarithm of total assets | number |
| 15 | Fage | natural logarithm of the number of years since the establishment | number |
| 16 | Lev | ratio of long term debt to the total assets | ratio |
| 17 | Sgrowth | total sales of the current year minus total sales in the previous year divided by total sales in the current year | percentage |