RESULTS AND DISCUSSION
The results of the hypotheses tested in Table 1 were as follows:
Hypothesis 1: Board size, board independence, board meeting, audit committee
size and audit committee independence all affected the return on assets significantly,
whereas audit committee meetings had no impact on the return on assets and
controlled variables i.e. leverage and firm size had no impact on the return on assets.
Hypothesis 2: Board size, board independence, board meetings and audit
committee independence all impacted upon the return on equity significantly, whereas
audit committee size and audit committee meetings had no impact on the return on
equity and controlled variables i.e. leverage and firm size had no impact on the return
on equity.
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Hypothesis 3: Board size, board independence, board meeting, audit committee
size and audit committee independence all affected earnings per shares significantly,
whereas audit committee meetings had no impact on earnings per shares and
controlled variables i.e. leverage and firm size had no impact on earnings per share.
Hypothesis 4: Board size, board independence, audit committee size and audit
committee meetings impacted upon market capitalization significantly, whereas board
meetings and audit committee independence had no impact on market capitalization
and controlled variables i.e. leverage and firm size had no impact on market
capitalization.
Hypothesis 5: Board size, board independence and audit committee size
affected market share significantly, whereas board meetings audit committee
independence and audit committee meetings had no impact on market share.
Controlled variables i.e. leverage and firm size had no impact on market share