MarketTobook_{ it }=\gamma _{ 0 }+\gamma _{ 1 }BusyBoards_{ it }+\gamma _{ 2 }Bu

sinessGroup_{ it }+\gamma _{ 3 }LogCEODirectorships_{ it }+\gamma _{ 4 }BoardInt

erlock_{ it }+\gamma _{ 5 }PromoterOwnership_{ it }+\gamma _{ 6 }LogofBoardsize_
{ it }\\ \qquad \qquad \qquad \quad \quad \quad \quad +\gamma _{ 7 }LogofBoardme
etings_{ it }+\gamma _{ 8 }BoardComposition_{ it }+\gamma _{ 9 }ReturnOnAssets_{
it }+\gamma _{ 10 }FirmSize_{ it }+\gamma _{ 11 }FirmAge_{ it }+\gamma _{ 12 }G
rowthOpportunities_{ it }\\ \quad \quad \quad \quad \quad \quad \quad \quad \qua
d \quad \quad \quad \quad +\gamma _{ 13 }NumberOfBusinessSegments_{ it }+\gamma
_{ 14 }Crisis_{ it }