Variables | Code | Measurement | Reference |

CEO Duality | CEOD | Coded “1” if CEO also holds the position of board chairman or “0” if both positions are separated | [45] [46] |

Board Size | BSIZE | the number of members in the board as a measure of board size | [45] [20] |

Board Meetings | BMEET | Logarithm is taken after adding 1 to the count of meetings. | [46] [47] |

Independence board members | BINDEP | Proportion of non-executive directors over the total number of directors | [17] [36] |

Gender Diversity | Gendiv | the ratio of number of women to the total number of board members (Female) | [45] [48] |

Dependent Variables | |||

Return-on-Assets | ROA | Measured as percentage of net income after tax to total assets $\text{ROA}=\frac{\text{Profitaftertax}}{\text{Totalassets}}$ | [49] [50] |

Return-on-Equity | ROE | Measured as percentage of net income after tax to total equity $\text{ROE}=\frac{\text{Profitaftertax}}{\text{Shareholdersfund}}$ | [51] [52] |

Tobin’s Q | TQ | Measured as the market value of equity capital and the book value of firm’s debt divided by the book value of total assets $=\frac{\text{MarketCapitalization}+\text{Totalassets}-\text{Shareholdersfund}}{\text{Totalassets}}$ | [51] [53] |

Control Variables | |||

Firm Size | Fsize | The total assets owned by the firm, measured as the natural logarithm of total assets | [54] |

Firm Age | FAge | Measured as the number of years since its incorporation in its logarithm | [55] |

Firm Leverage | FLEV | Measured as percentage of total debt to total assets Total debts/total equity | [51] |