“…In addition, there are several control variables added in this study, namely firm age, board size, board meeting and tangibility. These variables were recommended by previous studies because they can affect firm performance (Eluyela et al, 2018;Mallinguh et al, 2020;Mubeen et al, 2020;Pucheta-Martínez & Gallego-Álvarez, 2020;Vu et al, 2019), but the use of these variables is still limited in research on competitive advantage (Jeong & Chung, 2022;Lu et al, 2021;Nkundabanyanga et al, 2018;Nyuur et al, 2019;Whitler & Puto, 2020). This is quantitative research and uses secondary data.…”