2. For Board independence, the testing found that board independence impacted
upon performance in terms of return on assets, return on equity, earnings per share,
market capitalization and market share. The research results indicated that the
company board was independent from management and shareholder control, could
administrate the company well, and included personnel with important roles in
creating and governing the company, creating confidence for investors. This correlates
with the research results of Christensen, Kent, and Stewart (2010), which found that
board independence significantly affected company performance.