Variable | Description |
Risk-taking | Market-adjusted volatility of firm-level earnings |
ROA | Return on total assets |
Adv_dire | The percentage of advisory directors in board of directors |
Firm_size | Natural log of total assets |
Growth | The increase rate of business revenue |
Lev | Ratio of total debt to total assets |
Age | Firm age measured in years |
First | The proportion of outstanding shares owned by the largest shareholder |
Dual | Equals one when the CEO also serves as board chair, zero otherwise |
Board_size | The natural log of the number of directors |
Indep | The percentage of independent directors in board of directors |