Table 3

Control variables measurement

SymbolVariable nameMeasurement
CAgeCEO AgeCEO's age during their tenure as CEO
CGenderCEO GenderBinary; 0 as female and 1 as male
FSizeFirm SizeNatural log of firm's Total Assets
ROAReturn on AssetFirm's profitability (Income before Discontinued Operations and Extraordinary Items/Total Assets)
FAgeFirm AgeLength of year from firm's IPO until current period
BSizeBoard SizeNumber of people on a firm's board of director
Source(s): Authors' own creation
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