| Independent variables | Description | Agency Costs |
| BoardSize | Number of board members | + |
| Board Independence | Percentage of independent directors | − |
| Board Diversity | The ratio of female directors | − |
| Board directorship | The average number of multiple directorships | + |
| Institutional investors | Number of shareholdings held by the institutional investor | − |
| Firm Size | Log of total assets | − |
| Firm age | Log of firm age | − |
| Return on Assets | Net profit before tax by Total Assets |
|
| leverage | Total debt to equity ratio | − |
| CEO tenure | CEO serving years | + |