Author constructed index for managerial power and board monitoring
| Variable | Variable name | Variable description |
|---|---|---|
| Panel A: Variables included in the author-constructed index | ||
| CEO | CEO duality | A dummy variable that takes the value of one if the chairman is also the CEO and takes the value of zero otherwise |
| Ex_CEO | Chairman is an ex-CEO | A dummy variable that takes the value of one if the chairman has held a CEO position and takes the value of zero otherwise |
| BOARDIND | Availability of a policy for board independence | A dummy variable that takes the value of one if a firm has a policy for board independence and takes the value of zero otherwise |
| FEMALEDIR | Female directors | A dummy variable that takes the value of one if the female participation in the board is higher than the median value and takes the value of zero otherwise |
| Variable | Variable name | Variable description |
|---|---|---|
| A dummy variable that takes the value of one if the chairman is also the | ||
| Ex_CEO | Chairman is an ex-CEO | A dummy variable that takes the value of one if the chairman has held a |
| BOARDIND | Availability of a policy for board independence | A dummy variable that takes the value of one if a firm has a policy for board independence and takes the value of zero otherwise |
| FEMALEDIR | Female directors | A dummy variable that takes the value of one if the female participation in the board is higher than the median value and takes the value of zero otherwise |
| Component | Eigenvalue | Difference | Proportion | Cumulative |
|---|---|---|---|---|
| Panel B: Principal components/correlation | ||||
| Comp1 | 1.8604 | 0.742617 | 0.4651 | 0.4651 |
| Comp2 | 1.11778 | 0.267347 | 0.2794 | 0.7445 |
| Comp3 | 0.850433 | 0.679043 | 0.2126 | 0.9572 |
| Comp4 | 0.17139 | . | 0.0428 | 1 |
| Component | Eigenvalue | Difference | Proportion | Cumulative |
|---|---|---|---|---|
| Comp1 | 1.8604 | 0.742617 | 0.4651 | 0.4651 |
| Comp2 | 1.11778 | 0.267347 | 0.2794 | 0.7445 |
| Comp3 | 0.850433 | 0.679043 | 0.2126 | 0.9572 |
| Comp4 | 0.17139 | . | 0.0428 | 1 |
| Variable | Comp1 | Comp2 | Comp3 | Comp4 |
|---|---|---|---|---|
| Panel C: Scoring coefficients | ||||
| CEO | 0.6884 | −0.1703 | 0.0358 | 0.7042 |
| Ex_CEO | 0.6944 | −0.1052 | 0.0746 | −0.708 |
| BOARDIND | 0.1885 | 0.6523 | −0.7341 | 0.0107 |
| FEMALEDIR | 0.092 | 0.7311 | 0.674 | 0.0526 |
| Variable | Comp1 | Comp2 | Comp3 | Comp4 |
|---|---|---|---|---|
| 0.6884 | −0.1703 | 0.0358 | 0.7042 | |
| Ex_CEO | 0.6944 | −0.1052 | 0.0746 | −0.708 |
| BOARDIND | 0.1885 | 0.6523 | −0.7341 | 0.0107 |
| FEMALEDIR | 0.092 | 0.7311 | 0.674 | 0.0526 |
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