Independent variables | Description | Agency Costs |
BoardSize | Number of board members | + |
Board Independence | Percentage of independent directors | − |
Board Diversity | The ratio of female directors | − |
Board directorship | The average number of multiple directorships | + |
Institutional investors | Number of shareholdings held by the institutional investor | − |
Firm Size | Log of total assets | − |
Firm age | Log of firm age | − |
Return on Assets | Net profit before tax by Total Assets |
|
leverage | Total debt to equity ratio | − |
CEO tenure | CEO serving years | + |