Table 1

Variable definition and measurement

VariablesAcronymsDefinition and measurementReference
CEO ageCEOAGEAbsolute age of CEO in yearsDoucouliagos et al. (2007), Conyon and He (2012), Liu and Jiang (2020) 
CEO tenureCEOTENNumber of years the CEO is holding the position of CEOMangel and Singh (1993), Conyon and He (2012), Kent et al. (2018), Saleh et al. (2020) 
CEO’s educational qualificationCEOEDUCEO holding a Bachelor degree is assigned with a value of 1; a value of 2 for Master degree, a value of 3 for professional certification, a value of 4 for Doctor of Philosophy (PhD), and a value of 5 for holding both PhD and professional certificationKing et al. (2016), Urquhart and Zhang (2022) [modified]
CEO experienceCEOEXPNumber of years CEO is serving in the financial industryCroci et al. (2012), Saleh et al. (2020), Huang et al. (2023) 
CEO payCEOPAYGross CEO compensation or pay, measured in million Bangladeshi Taka (currency)Capezio et al. (2011), Conyon and He (2012), Schultz et al. (2013) 
Return on AssetsROANet profit after tax scaled by year-end total assetsBose et al. (2017), Rashid (2020), Rashid and Kabir (2025) 
Tobin’s Q RatioTOBINQYear-end book value of total assets plus market value of equity minus book value of equity scaled by total assetsFerreira and Matos (2008), Bose et al. (2017), Rashid (2020), Rashid and Kabir (2025) 
Return on EquityROENet profit after tax scaled by year-end shareholders’ equity 
Market to Book RatioMTBRatio of market value to book value of equity share 
Source(s): Authors’ own creation
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