“…Following prior studies (Sawicki, 2009; Ahmed and Ali, 2017; Shaukat and Trojanowski, 2018), we use five individual measures of board effectiveness ( Boardsize , Boardind , Boardmeet , Chairindb and Sharedir ) and five individual measures of audit committee effectiveness ( Auditsize , Auditind , Auditmeet , Chairindau and Finexpert ). Following Gul et al (2013), we employ factor analysis to identify the commonalities underlying individual measures.…”