Variables

Measurement

Reference

Dependent Variables

ROA

Net income/Total assets

[11] ] [13] [16] [18]

ROE

Net income/Shareholders’ equity

[11] ] [13] [16] [18]

Independent Variables

Board Size

Number of members on board

[4] [12] [16]

Board Independence

% of independent directors

[4] [12] [16] [19]

Gender Diversity

% of females on board

[4] [14] [17] [18]

Non-Executive Directors

% of non-executive directors

[14] [15] [21] [26]

Control Variables

Firm Size

Log of total assets owned by companies

[4] [12] [14]

Age of the Firm

No. of operational years

[14] [15] [16]

Financial Leverage

Debt/Equity

[13]