“…To capture the effectiveness of board monitoring, consistent with previous literature, we used a composite measure that is based on the following three board attributes: board independence, sustainability expertise, and diversity (e.g., Dhaliwal, Naiker, & Navissi, 2006;Hoitash, Hoitash, & Bedard, 2009;Dilling, 2010;Prado-Lorenzo & García-Sánchez, 2010;De Villiers et al, 2011;Khan, 2010;Frias-Aceituno et al, 2013;Helfaya & Moussa, 2017;García-Meca & Pucheta-Martínez, 2018). Board independence was measured by the ratio of nonexecutive directors to total board size (Hussain et al, 2018;Lim, Matolcsy, & Chow, 2007).…”