Table 2 Assessment of independent variables
Director’s Ownership (DOW) | The proportion of the number of shares owned by directors/ sponsors to total outstanding shares |
Institutional Ownership (IOW) | The proportion of the number of shares owned by institution to total outstanding shares |
Foreign Ownership (FOW) | The proportion of the number of shares owned by foreign owner to total outstanding shares |
ROA | Earnings after Tax & Interest divided by Total Assets |
Age | Number of years of a company after the incorporation |
Leverage (LEV) | Total Debt divided by Total Equity |
Board Size (BS) | Number of members in the board |