“…In this paper, five indices of chief executive officer (CEO) duality, CEO tenure, board independence, managerial ownership (CEO) and CEO compensation and two aggressive and defensive strategies are used to measure the management entrenchment as two ends of the business strategy chain, which are in conformity with the features of strategies of prospectors and defenders in the previous studies of Miles and Snow (1978, 2003) and Bentley et al (2013). The reason for using this classification is that the strategy of Miles and Snow (1978, 2003) is a type of comprehensive typology at the business level that, in addition to strategic orientations of firms, describes structures, processes and methods of human resources that are more appropriate for determining the strategy (Chen and Keung, 2019). Moreover, this strategy utilizes objective archive data, the methodology of which can be used for conducting studies which are also mentioned by other studies, including Sheng et al (2019), Chen and Keung (2019), Habib and Hasan (2019), Bentley et al (2013) and Higgins et al (2015).…”