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