*3.3. Description of Variables*

For dependent variables, we used both accounting (ROA) and market-based (Tobin's Q) methods to measure firm performance. For test variables, we considered some ownership and board structure data available on Bloomberg. Moreover, we controlled several firm-specific variables to get robust estimates. Table 2 summarizes the list of variables together with their definitions and formulas.


#### **Table 2.** List of variables.
