Acronym | Variable name | Definition | Literature |
---|---|---|---|
Dependent variables | |||
MVAIC | Modified value-added intellectual capital coefficient | Capital employed efficiency plus human capital efficiency plus structural capital efficiency plus relational capital efficiency | Nimtrakoon (2015), Xu and Wang (2018), Smriti and Das (2018), Xu and Li (2020), Chen et al. (2005) |
CEE | Capital employed efficiency | Value-added/Capital employed | Nadeem et al. (2019), Nadeem et al. (2017), Dashtbayaz et al. (2020) |
HCE | Human capital efficiency | Value-added/Human capital | Dashtbayaz et al. (2020), Nadeem et al. (2019), Nadeem et al. (2017), Smriti and Das (2018) |
SCE | Structural capital efficiency | Structural capital/Value added | Nadeem et al. (2017), Dashtbayaz et al. (2020), Nadeem et al. (2019), Smriti and Das (2018) |
RCE | Relational capital efficiency | Relational capital/value-added | |
Independent variables | |||
FEM1 | Female dummy 1 | The dummy variable assumes the value 1 if the board has at least one female director; otherwise, it is 0 | Torchia et al. (2011), Nadeem (2020), Liu et al. (2014), Yarram and Adapa (2021) |
FEM2 | Female dummy 2 | The dummy variable assumes the value 1 if the board has two female directors; otherwise, it is 0 | Yarram and Adapa (2021), Liu et al. (2014), Torchia et al. (2011), Joecks et al. (2013) |
FEM3 | Female dummy 3 | The dummy variable assumes the value 1 if the board has three or more female directors; otherwise, it is 0 | Yarram and Adapa (2021), Joecks et al. (2013), Liu et al. (2014), Nadeem (2020), Torchia et al. (2011) |
Control variables | |||
BS | Board size | Total number of directors on the board | Vitolla et al. (2020), Nadeem (2020), Nicolò et al. (2021),Hidalgo et al. (2011), Shahzad et al. (2019) |
BI | Board independence | The proportion of independent directors on the board, | Hidalgo et al. (2011), Hsu et al. (2019), Shahzad et al. (2019), Nadeem (2020), Vitolla et al. (2020) |
CEOD | CEO duality | The indicator variable equals 1 if the same person holds both CEO and Chair positions and 0 otherwise | Dashtbayaz et al. (2020), Nadeem et al. (2019), Nadeem (2020), Nadeem et al. (2017) |
ROA | Return on assets | Net profit scaled by total assets | |
FS | Firm size | Natural log of total assets | |
FA | Firm age | Listing years of the firm on the stock exchange | |
LEV | Leverage | Total debt scaled by total assets | Shahzad et al. (2019), Nadeem (2020), Dashtbayaz et al. (2020) |