Ncon |
Log (total number of directors) |
Giannetti et al. (2015)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
, Gaur et al. (2015)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
, and Wen et al. (2020)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
|
- |
Cind |
Number of independent directors/Total number of directors |
Masulis et al. (2012)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
, Akpan and Amran (2014)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
, and Giannetti et al. (2015)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
|
+/- |
Busy |
Number of directors who occupy seats in other boards)/Total number of directors |
Faleye et al. (2011)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
, Giannetti et al. (2015)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
, and Iliev and Roth (2018)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
|
- |
Tcon
|
Log (average tenure of the board directors) |
Güner et al. (2008)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
, Giannetti et al. (2015)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
, and Iliev and Roth (2018)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
|
+ |
IMC |
Log (average age of the board of directors) |
Darmadi (2011)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
, Akpan and Amran (2014)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
, and Giannetti et al. (2015)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
|
+ |
Turnover Cons
|
Dummy: 1 - year of the turnover of Chairman of the board; 0 - other years. |
Güner et al. (2008)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
, Faleye et al. (2011)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
, and Giannetti et al. (2015)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
|
+/- |
Econ
|
Board level of education: 0 - undergraduate; 1 - graduated; 2 - MBA; 3 - Master; 4 - Ph.D.; and 5 - post-doctoral. |
Fraga and Silva (2012)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
, Akpan and Amran (2014)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
, and Perlin et al. (2019)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
|
+ |
Dcons
|
Dummy: 1 - there was a change in the composition of the board in the same year; 0 - otherwise |
Güner et al. (2008)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
|
+/- |
Dual
|
Dummy: 1 - CEO and chairman are the same person; 0 - otherwise. |
Faleye et al. (2011)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
and Wen et al. (2020)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
|
- |
Nex
|
Log (number of executives) |
Jensen and Warner (1988)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
and Giannetti et al. (2015)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
|
+/- |
Tex
|
Log (average tenure of the executives |
Goyal and park (2002)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
and Giannetti et al. (2015)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
|
- |
IME
|
Log (average age of the executives) |
Giannetti et al. (2015)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
and Liao et al. (2017)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
|
- |
EExec
|
Executives´ level of education: 0 - undergraduate; 1 - graduated; 2 - MBA; 3 - master; 4 - Ph.D.; and 5 - post-doctoral. |
Akpan andAmran, (2014)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
and Gaur et al. (2015)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
|
+ |
Dpest
|
Dummy: 1 - There was a change in foreign ownership in the same year; and 0 - otherwise. |
Agyei-Boapeah (2019)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
|
+/- |
Total Assets (AT)
|
Log (total assets) |
Faleye et al. (2011)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
, Giannetti et al. (2015)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
, Iliev and Roth (2018)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
, Cao et al. (2019)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
, and Wen et al. (2020)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
|
+ |
Leverage (AL)
|
(Current liabilities + Non-current liabilities)/equity |
Faleye et al. (2011)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
, Choi et al. (2012)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
, and Giannetti et al. (2015)Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. doi:10.1016/j.jfineco.2011.02.010 https://doi.org/10.1016/j.jfineco.2011.0...
|
+/- |