Independent Variables | |
IVDI | Islamic Values Disclosure Index |
BRDS | The total number of directors on the board at the end of financial year |
BDIV | The ratio of total number of women to total number of board members |
NED | The ratio of independent directors on the board |
GOWN | The ratio of shares held by government |
DOWN | The number of common stocks held by directors on the board to the total number of outstanding common shares. |
BOWN | The ratio of total number of ordinary shares held by institutions shareholders with at least 5%, to total number of ordinary shares. |
Dependent Variables | |
MCGI | Corporate Governance Compliance and Disclosure Index |
OS | Sub-index of MCGI related to ownership structure and exercise of control rights |
FT | Sub-index of MCGI related to financial transparency |
AD | Sub-index of MCGI related to auditing |
CR | Sub-index of MCGI related to corporate responsibility and compliance |
BS | Sub-index of MCGI related to board and management structure and process |
Control variables | |
LNFS | Natural logarithm of the book value of total assets |
SGR | The ratio of current year’s sales minus previous year’s sales, all divided by previous year’s sales |
LVG | The ratio of total debt to total assets |
GDP | Gross domestic product growth (annual %) |
INF | The rate at which the general level of prices for goods and services is rising |
DYER | A dummy variable for each year of the seven years from 2010-2016 |
DIND | A dummy variable for each main industry |
CPI | The misuse of public power for private benefit |