| Variable | Description |
| Risk-taking | Market-adjusted volatility of firm-level earnings |
| ROA | Return on total assets |
| Adv_dire | The percentage of advisory directors in board of directors |
| Firm_size | Natural log of total assets |
| Growth | The increase rate of business revenue |
| Lev | Ratio of total debt to total assets |
| Age | Firm age measured in years |
| First | The proportion of outstanding shares owned by the largest shareholder |
| Dual | Equals one when the CEO also serves as board chair, zero otherwise |
| Board_size | The natural log of the number of directors |
| Indep | The percentage of independent directors in board of directors |