Table 1 Variable definitions Variables...

Table 1

Variable definitions

Variables	Code	Description
Dependent variables
Return on assets	(ROA)	[(Profit Before Interest and Tax (EBIT) – Total Profit Extraordinary Nature – Taxation)/Total Assets] * 100
Independent variable
Gender diversity
Gender diversity_01	GD01	Female dummy variable with “1” assigned to firms with no woman director and “0” otherwise in year t of a company $i$
Gender diversity_02	GD02	Female dummy variable with “1” assigned to firms with 1 woman director and “0” Otherwise in year t of a company i
Gender diversity_04	GD04	The proportion of female directors sitting on board in year t of company $i$
Gender diversity_05	GD05	The proportion of male directors sitting on board in year t of company $i$
Gender diversity_07	GD07	The proportion of female executive directors sitting on board in year t of company $i$
Control variables (governance specific)
Board size	BS	Total number of directors sitting on the board
Board independence01	IND	Percentage of independent non-directors on board
Board independence02	ND	Percentage of non-directors on board
Female independence02	FIND	Percentage of independent non-executive women directors on board
Control variables (company-specific)
Company size	SIZE	Natural logarithm transformation of the book value of total assets as expressed in millions in year t of a company $i$
Growth opportunities	GW	% Change in sales
Price-to-book ratio	PB	Share Price @ Company Financial Year End/[(Ordinary Shareholders Interest/Nr of Ordinary Shares in Issue @Year End) * 100]
Age	AGE	Number of years of the company since its incorporation
Liquidity	CR	Current assets divided by current liabilities
Debt-to-equity ratio	DE	(Total Long-Term Loan Capital + Total Current Liabilities)/Total Owners Interest

Variables	Code	Description
Dependent variables
Return on assets	(ROA)	[(Profit Before Interest and Tax (EBIT) – Total ProfitExtraordinary Nature – Taxation)/Total Assets] * 100
Independent variable
Gender diversity
Gender diversity_01	GD01	Female dummy variable with “1” assigned to firms with no woman director and “0”otherwise in year t of a company $i$
Gender diversity_02	GD02	Female dummy variable with “1” assigned to firms with 1 woman director and “0”Otherwise in year t of a company i
Gender diversity_04	GD04	The proportion of female directors sitting on board in year t of company $i$
Gender diversity_05	GD05	The proportion of male directors sitting on board in year t of company $i$
Gender diversity_07	GD07	The proportion of female executive directors sitting on board in year t of company $i$
Control variables (governance specific)
Board size	BS	Total number of directors sitting on the board
Board independence01	IND	Percentage of independent non-directors on board
Board independence02	ND	Percentage of non-directors on board
Female independence02	FIND	Percentage of independent non-executive women directors on board
Control variables (company-specific)
Company size	SIZE	Natural logarithm transformation of the book value of total assets as expressed in millions in year t of a company $i$
Growth opportunities	GW	% Change in sales
Price-to-book ratio	PB	Share Price @ Company Financial Year End/[(Ordinary Shareholders Interest/Nr of Ordinary Shares in Issue @Year End) * 100]
Age	AGE	Number of years of the company since its incorporation
Liquidity	CR	Current assets divided by current liabilities
Debt-to-equity ratio	DE	(Total Long-Term Loan Capital + Total Current Liabilities)/Total Owners Interest

Source: Prepared by authors

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