We study the effect of board independence and CEO duality on firm performance for a sample of stock-listed enterprises from Indonesia, Malaysia, South Korea and Thailand, applying quantile regression. Quantile regression is more powerful than classical linear regression since quantile regression can produce estimates for all conditional quantiles of the distribution of a response variable, whereas classical linear regression only estimates the conditional mean effects of a response variable. Moreover, quantile regression is better able to handle violations of the basic assumptions in classical linear regression. Our empirical evidence shows that the effect of board independence and CEO duality on firm performance is different across the conditional quantiles of the distribution of firm performance, something classical linear regression would leave unidentified. This finding suggests that estimating the quantile effect of a response variable can well be more insightful than estimating only the mean effect of the response variable. Additionally, we find a negative moderating effect of board size on the positive relationship between CEO duality and firm performance.

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The purpose of this article is to find the link between board independence, board size and BPD (regional development bank) performance for describing the corporate governance in regional development bank. The sample of firms consists all 26’s BPD in Indonesia in the period 2010-2014; we take secondary data from the annual report of each BPD, total 203 top executives who are members of the boards of all BPD in Indonesia. The results are the influence of the board independence and board size on the BPD performance. The sample employed all the members of the boards of BPD in Indonesia giving us a confidence in generalization our findings. The statistical method used to test the hypotheses is OLS regression. This method was applied to measure the relationship between board independence, board size and BPD performance. The results suggested that there is a positive relationship between board independence, board size and BPD performance.

This study characterized the chemical composition of green and black teas as well as their spent tea leaves (STL) following boiling in water with different tea-to-water ratios. The green and black tea leaves had statistically similar (g/kg dry matter (DM), unless stated otherwise) DM (937 vs 942 g/kg sample), crude protein (240 vs 242), and ash (61.8 vs 61.4), but green tea had significantly higher (g/kg DM) total phenols (231 vs 151), total tannins (204 vs 133), condensed tannins (176 vs 101), and total saponins (276 vs 86.1) and lower neutral detergent fiber (254 vs 323) and acid detergent fiber (211 vs 309) than the black tea leaves. There was no significant difference between the green and black tea leaves for most mineral components except Mn, which was significantly higher in green tea leaves, and Na and Cu, which were significantly higher in black tea leaves. A higher tea-to-water ratio during extraction significantly reduced the loss of soluble compounds into water and hence yielded more nutrient-rich STL. On the basis of these analyses it appears that the green and black tea leaves alongside their STL have the potential for use as sources of protein, fiber, secondary metabolites, and minerals in ruminant diets. The presence of high levels of plant secondary metabolites in either tea leaves or their STL suggests that they may have potential for use as natural additives in ruminant diets.