Summary of measurements
| Variables | Measurement | Hypothesis | Prediction |
|---|---|---|---|
| Board size | Number of board of Directors (e.g. Buniamin, 2010) | H1 | Positive |
| Board independence | Number of non-executive directors divided by total Number of directors on Board (%) (Buniamin, 2010) | H2 | Positive |
| Board meetings | Number of board meetings held annually (Conger et al., 1998) | H3 | Positive |
| Risk management committee composition | RMC composition considers the extent of non-executives’ directors on the board, measured in this study as a dichotomous variable given one (1) if there exist at least one non-executive on risk management committee otherwise zero (0) (see, Michelon and Parbonetti, 2010; Kurawa and Kabara, 2014). | H4 | Positive |
| Profitability | ROA (Naira) (e.g. Smith et al., 2007; Ong et al., 2014; Sulaiman et al., 2014) | – | Positive |
| Company size | Log of total asset (see, Buniamin, 2010; Buniamin et al., 2011; Joshi et al., 2011; Salehuddin and Fadzil, 2013; Sulaiman et al., 2014) | – | Positive |
| Industrial dummy variable | 1 is coded to oil & gas companies and 0 is coded to other companies | – | – |
| Variables | Measurement | Hypothesis | Prediction |
|---|---|---|---|
| Board size | Number of board of Directors (e.g. | Positive | |
| Board independence | Number of non-executive directors divided by total Number of directors on Board (%) ( | Positive | |
| Board meetings | Number of board meetings held annually ( | Positive | |
| Risk management committee composition | RMC composition considers the extent of non-executives’ directors on the board, measured in this study as a dichotomous variable given one (1) if there exist at least one non-executive on risk management committee otherwise zero (0) (see, | Positive | |
| Profitability | ROA (Naira) (e.g. | – | Positive |
| Company size | Log of total asset (see, | – | Positive |
| Industrial dummy variable | 1 is coded to oil & gas companies and 0 is coded to other companies | – | – |
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