“…Board size (BSZ), as measured by the log of number of board of directors (Abor, 2007;Kajananthan, 2012;Khawaja, Bhatti, Ashraf, & Henry, 2018;Murtaza & Azam, 2019). Whereas leverage (LEV) is calculated as total debt divided by total assets (Ilmas, Tahir, & Asrar-ul-Haq, 2018) and firm size (FSZ) is calculated by taking the natural logarithm of total assets (Abdullah, 2005;Murtaza & Azam, 2019).…”