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