FBM | A binary number of one if a firm’s board of directors meets at least four times in a financial year, and zero otherwise. |

R&D/Sales | Natural logarithm of the ratio of R&D expenditure to total sales |

SG | The ratio of current year’s sales minus previous year’s sales, all divided by previous year’s sales |

FS | Natural logarithm of the book value of total assets |

AC | Total number of Audit Committee |

CGC | Total number of CG Committee |

LVG | The ratio of total debt to total assets |

CGY | The rise in the stock price divided by the original price of the security |

SMC | The market value of the shares outstanding |

CORR IDX | The misuse of public power for private benefit |

INF | The rate at which the general level of prices for goods and services is rising |

GDPC | Gross domestic product (GDP) divided by number of people in the country |

POP | People living in a country |

POWD | The degree to which the less powerful members of a society accept and expect that power is distributed unequally |

ANGL | A dummy variable for Anglo American countries (1), Continental countries (0) |

CON | A dummy variable for each country: UK (DU UK), US (DU US) |

Y | A dummy variable for each year of the ten years from 2010-2014, 2010 (DU 10), 2014 (DU14) |