Table 1.

Variables and description.

S. no.	Variable	Label	Description
1.	Firm performance (Return on Assets)	ROA	A measure of a company's profitability in relation to its overall assets. Profit to the total asset was adopted as a proxy of firm performance
2.	Capital structure (Debt to assets)	DTA	The use of debt finance to purchase new assets is represented by this ratio. Total debt to the total asset was used to calculate this ratio
3.	Capital structure (Debt to equity)	DTE	The use of debt capital to obtain new equity is represented by this ratio. Total debt to total equity was used to calculate this ratio
4.	Board size	BS	This represents the number of board members
5.	Chairman duality	CD	This is an indicator that show how many chairmen held the CEO office. It was coded 1 if chairman held CEO office otherwise 0
6.	Audit committee Size	ACS	Nominated by the board to oversee financial statements and transparency. This presents the number of committee members