Abstract
Nowadays, corporate governance is a classic subject of discussion for policymakers and academic researchers worldwide. The interest of this research topic may be explained for the increased demand for continuous improvement and transparency in the board of directors and contributing to the previous research by Ravaonorohanta (2020), Hassan, Karbhari, Mohamad Isa, and Ab Razak (2017), Bianchi Martini, Corvino, and Rigolini (2012), Kyereboah-Coleman and Biekpe (2006), Davidson and Rowe (2004), and Kostyuk (2003).

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