Table 1

Definitions of key research variables

VariablesVariable namesDefinitions
P_IndependentPropensity to appoint independent directorsA dummy variable assigned 1 if observations have at least one independent director and 0 otherwise
N_IndependentNumber of independent directorsNumber of independent directors on the board
Own_insiderInsider ownershipTotal proportion of shares held by insiders
Own_stateState ownershipPercentage of shares held by state agencies
Own_foreignForeign ownershipPercentage of shares held by foreign investors
Board_sizeBoard sizeTotal number of directors on the board
Mar_capMarket capitalizationNatural logarithm of market capitalization
ROAFirm profitabilityNet income divided by total assets
LeverageFirm leverageTotal liabilities divided by total assets
DualityCEO dualityA dummy variable assigned 1 if CEO simultaneously takes the chairman position
Y2013Effect of Circular No. 121/2012/TT-BTCA dummy variable assigned 1 if observations fall in the year 2013
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