Variables included in the analysis
| Variable | Definition | Measurement |
|---|---|---|
| Dependent variables | ||
| ROE | Corporate performance | Profit after tax/Shareholders' funds |
| β0 … β7 | Regression coefficients | |
| Independent variables | ||
| BODSZ | Board size | Number of board of directors |
| IND | Percentage of independent directors | Number of independent directors/Total number of directors |
| DUAL | Role duality | 1 = chairman is also the CEO/MD |
| 2 = chairman is neither the CEO nor MD | ||
| BMEET | Board meetings | Number of board meetings held during the year |
| GOVOWN | Government ownership | Percentage of shares held by the government |
| DIROWN | Director ownership | Percentage of shares held by the directors |
| COSZ | Company size | Market capitalization |
| ε | Error term | |
| Variable | Definition | Measurement |
|---|---|---|
| ROE | Corporate performance | Profit after tax/Shareholders' funds |
| Regression coefficients | ||
| BODSZ | Board size | Number of board of directors |
| IND | Percentage of independent directors | Number of independent directors/Total number of directors |
| DUAL | Role duality | 1 = chairman is also the CEO/MD |
| 2 = chairman is neither the CEO nor MD | ||
| BMEET | Board meetings | Number of board meetings held during the year |
| GOVOWN | Government ownership | Percentage of shares held by the government |
| DIROWN | Director ownership | Percentage of shares held by the directors |
| COSZ | Company size | Market capitalization |
| Error term | ||