Variable definitions
| Variables | Definition | |
|---|---|---|
| Dependent variables | Fin | Financial assets/total assets |
| Independent variable | LnCEO_Age | The natural logarithm of the age of the CEO in years |
| Moderating variables | Indep | 1 if independent directors’ representation on the board is 50% or more and 0 otherwise |
| Fem_dir | 1 if women’s representation on the board is 30% or more and 0 otherwise | |
| Growth | Operating revenue of the current year minus operating revenue of the previous year divided by operating revenue of the previous year | |
| Lev | Total liabilities divided by total assets | |
| Cf | the cash flows from operating activities scaled by total assets | |
| Size | The natural logarithm of the company’s total assets | |
| ROA | Total profit divided by total assets | |
| Comp_Age | Ln(year of establishment of company) | |
| CEO_TN | CEO tenure: the length of time (year) from when a CEO was appointed to the current fiscal year of observation | |
| Industry | Industry dummy variable: if the firm is in the industry, the value is 1; otherwise, it is 0 | |
| Year | Year dummy variable: if the firm is in the year, the value is 1; otherwise, it is 0 | |
| Variables | Definition | |
|---|---|---|
| Dependent variables | Fin | Financial assets/total assets |
| Independent variable | LnCEO_Age | The natural logarithm of the age of the CEO in years |
| Moderating variables | Indep | 1 if independent directors’ representation on the board is 50% or more and 0 otherwise |
| Fem_dir | 1 if women’s representation on the board is 30% or more and 0 otherwise | |
| Growth | Operating revenue of the current year minus operating revenue of the previous year divided by operating revenue of the previous year | |
| Lev | Total liabilities divided by total assets | |
| Cf | the cash flows from operating activities scaled by total assets | |
| Size | The natural logarithm of the company’s total assets | |
| ROA | Total profit divided by total assets | |
| Comp_Age | Ln(year of establishment of company) | |
| CEO_TN | CEO tenure: the length of time (year) from when a CEO was appointed to the current fiscal year of observation | |
| Industry | Industry dummy variable: if the firm is in the industry, the value is 1; otherwise, it is 0 | |
| Year | Year dummy variable: if the firm is in the year, the value is 1; otherwise, it is 0 | |
Source(s): Own elaboration
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