Definition and operational variables
| Variable | Variable name | Acronym | Measurement |
|---|---|---|---|
| Dependent | Return On Asset | ROA | Calculated by comparing net profit and total assets (Chaudhry et al., 2020) |
| Tobin’s q | Tobin’s q | Calculated by the number of firm stocks outstanding multiplied by the firm closing price plus the market value of debt divided by total assets (Bansal and Singh, 2022; Al Farooque et al., 2020) | |
| Independent | Audit committee size | ACSIZE | The number of audit committees in the firm (Musallam, 2020) |
| Audit committee meetings | ACMEET | The number of audit committee meetings in one year (Fariha et al., 2022) | |
| Audit committee expertise | ACEXPERTISE | The number of audit committees with accounting and finance expertise compared with the total number of audit committee members in the firm (Musallam, 2020) | |
| Nomination and remuneration committees | NRC | Dummy variable, given a value of 1 if there is a nomination and remuneration committee in the company and a value of 0 if there is no one (Bansal and Singh, 2022; Puni and Anlesinya, 2020) | |
| Institutional ownership | IO | Total shares owned by the institution divided by the number of outstanding shares (Mishra and Kapil, 2017; Salehi et al., 2018) | |
| Foreign Ownership | FO | Total shares owned by foreigners divided by the number of outstanding shares (Saidat et al., 2019) | |
| Moderating | COVID-19 | COV | The dummy variable, the period before COVID-19 (2018 and 2019), was given a score of 0 and a score of 1 for the COVID-19 crisis (2020 and 2021) |
| Control | Leverage | LEV | Measured by the DAR ratio, namely total debt divided by total assets |
| Growth | GROWTH | Total assets at the end of the period minus the total assets at the beginning of the period divided by the total assets at the end of the period | |
| COVID-19 | COV | Dummy year control is given a value of 1 if the year is the year that COVID-19 occurred (2020 and 2021) and is given a value of 0 if it is not the year that COVID-19 occurred (2018–2019) |
| Variable | Variable name | Acronym | Measurement |
|---|---|---|---|
| Dependent | Return On Asset | ROA | Calculated by comparing net profit and total assets ( |
| Tobin’s q | Tobin’s q | Calculated by the number of firm stocks outstanding multiplied by the firm closing price plus the market value of debt divided by total assets ( | |
| Independent | Audit committee size | ACSIZE | The number of audit committees in the firm ( |
| Audit committee meetings | ACMEET | The number of audit committee meetings in one year ( | |
| Audit committee expertise | ACEXPERTISE | The number of audit committees with accounting and finance expertise compared with the total number of audit committee members in the firm ( | |
| Nomination and remuneration committees | NRC | Dummy variable, given a value of 1 if there is a nomination and remuneration committee in the company and a value of 0 if there is no one ( | |
| Institutional ownership | IO | Total shares owned by the institution divided by the number of outstanding shares ( | |
| Foreign Ownership | FO | Total shares owned by foreigners divided by the number of outstanding shares ( | |
| Moderating | COVID-19 | COV | The dummy variable, the period before COVID-19 (2018 and 2019), was given a score of 0 and a score of 1 for the COVID-19 crisis (2020 and 2021) |
| Control | Leverage | LEV | Measured by the DAR ratio, namely total debt divided by total assets |
| Growth | GROWTH | Total assets at the end of the period minus the total assets at the beginning of the period divided by the total assets at the end of the period | |
| COVID-19 | COV | Dummy year control is given a value of 1 if the year is the year that COVID-19 occurred (2020 and 2021) and is given a value of 0 if it is not the year that COVID-19 occurred (2018–2019) |
Source(s): Table created by author