Notes: ln(CEO pay) is the natural logarithm of CEO compensation defined as the sum of salary, perquisites, commission, sitting fees and bonuses. PROPGD is the proportion of gray directors on the board. CSDUAL is controlling shareholder duality. CEODUAL is CEO duality. FC-1 is family controlled firms with a dominant controlling shareholder. FC-2 is family controlled firms with a non-dominant controlling shareholder. PSU is public sector undertaking with majority shareholding by the government. FORGN is firms with a foreign controlling shareholder and MCF is management-controlled firms wherein shares are held severally. ROE is return on equity, defined as income after tax and extraordinary items divided by average total shareholders’ funds. SIZE is firm size measured by the natural logarithm of total assets. BS is board size. BS² is the square of board size. PTB is the market price per share divided by the book value per share. DRSK is one-year Bloomberg default risk