Independent variables


Agency Costs


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


Total debt to equity ratio

CEO tenure

CEO serving years