| Variables | Measurement |
| Age | Companies listed before 1994 = 1, otherwise 0 |
| Firm Size | Natural log of market capital reported at the most recent financial year |
| Profitability | Most recently reported earnings per share ( EPS) |
| Industry Type | Company belongs to finance and banking industry = 1, otherwise 0 |
| Big Audit | Company audited by audit firm affiliated with Big4 = 1, otherwise 0 in current fiscal year |
| Independent Director | Percentage of independent directors in the audit committee |