Definition of Terms
1. Board size was measured by the total number of company boards in the year.
2. Board independence was measured by number of independent boards
divided to the total number of director boards.
3. Board meetings was measured using the total number of board meetings in
the year.
4. Audit committee size was measured by the total number of Audit committees
in the year.
5. Audit committee independence was measured by the number of independent
Audit committees divided to the total number of audit committees.
6. Audit committee meetings was measured by the total number of Audit
committee meetings in the year.