| Variables name | Variables definitions |
| ROA | (Total profit plus financial expenses) divided by total average assets |
| Attend | Number of directors attending board meetings in person divided by number of board meetings |
| Opinion | The negative opinion of the directors on the board meeting is 1, otherwise it is 0 |
| Salary | Natural logarithm of director’s personal remuneration |
| G | Comprehensive governance level of listed companies |
| Size | Natural logarithm of listed company’s total assets |
| Debt | Total liabilities divided by total assets |
| Fixed | Net fixed assets divided by total assets |