Panel A: Board characteristics

Ethics & Boards

Board Size

Size of the board

% Women

Share of women

% Foreigners

Share of foreign directors

% of Busy Directors

Proportion of directors who have at least one other directorship during the same year in the SBF120 index

% of Young Directors

Proportion of directors who are less than 45 years old

% Independent

Share of independent directors (according AFEP-MEDEF code of corporate governance)

% Insider

Share of executive directors

% Industry Expert

Share of industry expert directors

% Industry Expert Independents

Proportion of industry expert independent directors

Supervisory Board

Dummy equal to 1 if corporate governance is a two tier board

Chair/CEO separation

Dummy equal to 1 if chairman and CEO are two distinct persons

Panel B: Firm characteristics

Infinancials & Thomson One Bankers

Nb employees

Number of employees

Ownership Float

Share of ownership which is held by significant shareholders (each shareholder should hold at least 5% of the capital)


Market to book value

Prox volatility

Stock volatility measures as the standard deviation of the monthly stock returns over the previous 50 months


Research and development expenses on total sales


Leverage equal to total debt over total equity

ROA (Return on Assets)

Equal to the ratio between EBITDA (earnings before interest, taxes, depreciation and amortization) and beginning-year total assets

ROE (Return on Equity)

Equal to the ratio between net income and total equity