TABLE 2.

Measurement of variables.

Variables name	Measures
Dependent variables
ROI (Returns on the investment)	Net profit divided by invested capital
ROE (Returns on equity)	Operating income divided by shareholders’ equity
Independent variables
CEO duality	It has been coded as “1” for CEO’s who hold a chairman position for board of director, and coded “0” for other variables
Firm size	Log of firms’ total sales
Corporate social responsibility (CSR)	This study applied an index to CSR (Corporate social responsibility) as the firms’ social contributions per share (SCV), by following a past study (Feng et al., 2018).
Growth opportunities	It indicates a change in firms’ sales revenue of doing business activities.
Leverage	Leverage shows firms total liabilities and then divide it by total assets ratio
Asset tangibility	The ratio of plant, equipment, and property related to total revenue of a firm

Variables detailed information and coding.