“…The dependent variables selected for the current study are return on asset and Tobin's Q (Fariha, Hossain & Ghosh, 2021;Bouteska 2020, Almoneef & Samontaray, 2019. The four independent variables selected are board size (Jensen, 1993;Mustafa et al, 2017;Amedi & Mustafa, 2020;Yeh & Trejos, 2015;Pathan & Faff, 2013;Ujunwa, 2012;Guest, 2009;Neralla, 2022;Osman & Samontaray, 2022;Ganguli & Guha Deb, 2021;Bouteska, 2020;Almoneef & Samontaray, 2019;Bajeher, 2019), board independence (Fariha, Hossain & Ghosh, 2021;Pathan & Faff, 2021, Ganguli & Guha Deb, 2021Bajeher, 2019;Dalton & Dalton, 2011;Bhagat & Black 2001), board meeting (Fariha, Hossain & Ghosh, 2021;Bouteska 2020;Bajeher, 2019;Naseem et al, 2017;Almoneef & Samontaray, 2019) and number of board committees (Klein, 1998;Almoneef & Samontaray, 2019). Firm age and firm size are introduced as the control variables (Almoneef & Samontaray, 2019).…”