corporate governance and firm performance

2. Board characteristics and CG parameters on different types of performance measures viz. accounting based measure like return on asset (ROA) and return on equity (ROE) and market based measure like Tobin’s Q are used in one of the rare study where such holistic view is taken. 3. Dependent and independent variables Variables pertaining to ownership percentage of total equity ownership of promoter group in the company- PrOwn percentage of total equity ownership of institutional investors in the company -InstOwn percentage of total equity ownership of foreign institutional investors (FIIs) in the company- FFIOwn Variables pertaining to board of directors number of directors on the board of a firm Bsize percentage of outside directors of total number of directors Bind number of board meetings in a year Bmeet a binary variable if chairman of the board is also CEO of the company its value is 0 otherwise 1 Duality average number of directorship/chairmanship position held by the directors of a company in other companies Busyout(OBUSYD) average number of committee position held by the directors of a company in other companies Busyout(OBUSYC) average number of board meeting attended by the directors of a company Busyin(IBUSY) Control variables natural logarithm of total assets Fsize natural logarithm of the number of years since the establishment Fage ratio of long term debt to the total assets Lev total sales of the current year minus total sales in the previous year divided by total sales in the current year- Sgrowth