Variable

Definition

Measurement

ETR

Effective Tax Rate

Total income divided by pretax income

BCOMP

Board Composition

the number of outside directors divided by total number of directors

BINDP

Board Independence

% of independent directors on the board

CEOD

CEO Duality

if the CEO is also chairman of the board, 0 otherwise 1

ROA

Return on Assets

Operating income divided by total assets.

FSZE

Firm Size

The natural log of the book value of the total asset