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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