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S. Sdroa, Z. -superscripts, *. , *. *. , and *. *. , 1, p<0.05, and p<0.01 respectively. t-statistics shown in parentheses are corrected for White heteroskedasticity SDROA (SDROE) is the standard deviation of ROA (ROE) calculated on last three year observation for the respective year. Z-score = (ROA+Equity-to-Assets)/SDROA, Z-score1=ROA divided by SDROA, Z-score2= Equityto-total assets divided by SDROA. The values of dependent variables are in natural logarithm. Female is the percentage of female on the board. Ehtnog diversity is the average diversity index of ethnicity and nationality. Professional diversity is the average index of banking experience and tenure diversity Education diversity is the average diversity index of education level and education type. Size is the logarithm of the bank's total assets. Capital is the ratio of bank equity to its assets. Loan is the ratio of total loans to total assets. Foreign bank is a dummy equals one if the bank is owned by foreign shareholders, zero otherwise. Listed equals one if the bank is publicly listed, zero otherwise. Crisis denotes one for year 2008 and zero otherwise. See Appendix A for detailed descriptions, ** (-1.84) (-3.13) (-2.26) (

S. Sdroa, Z-score 1, and Z-score 2 as the dependent variables. Superscripts *, **, *** represent the significance at p<0.1, p<0.05, and p<0.01 respectively. t-statistics shown in parentheses are corrected for White heteroskedasticity SDROA (SDROE) is the standard deviation of ROA (ROE) calculated on last three year observation for the respective year. Z-score = (ROA+Equity-to-Assets)/SDROA, Z-score1=ROA divided by SDROA, Z-score2= Equity-to-total assets divided by SDROA. The values of dependent variables are in natural logarithm. Female is the percentage of female on the board. National and ethnicity diversities are the diversity measures (indices) based on nationality and ethnicity respectively. Experience diversity is the diversity index calculated as standard deviation of the years of banking experience. Tenure diversity is the standard deviation of tenure periods of board members. Education level diversity is the diversity based on highest education level, whereas education type diversity is the ratio of directors with education other than economics, finance, accounting, and business. Size is the logarithm of the bank's total assets. Capital is the ratio of bank's equity to its assets. Loan is the ratio of total loans to total assets. Foreign bank is a dummy equals one if the bank is owned by foreign shareholders, zero otherwise. Listed equals one if the bank is publicly listed, zero otherwise. Crisis denotes one for year 2008 and zero otherwise, Experience diversity Tenure diversity Education level diversity Education type diversity National diversity Ethnic diversity Note: The table above reports IV/2SLS regression using, pp.15-305