Table 1 Changes in Board Members in 1990s

year (number of firms)	Board Size	Special Few Ownership	Ownership (financial institutions)	Ownership (foreign investors)	Bank Appointed Director	Portion of insiders	Employees	ROA (Operating Income)	ROA (Profit before Tax)
1990	Mean	17.46	0.4714	0.3402	0.0364	0.4918	0.7006	2559.2320	0.0537	0.2846
(1035)	Median	16	0.4463	0.3331	0.0209	0	0.7368	954	0.0508	0.2509
S.D.	6.60	0.1313	0.1613	0.0579	0.5002	0.2207	6218.0860	0.0362	0.2426
Max	53	0.8774	0.8089	0.7402	1	1	77659	0.3009	3.3929
Min	6	0.1462	0.0058	0.0000	0	0	25	-0.1566	-1.9338
1991	Mean	17.85	0.4712	0.3429	0.0374	0.4906	0.7003	2595.0020	0.0529	0.2391
(1060)	Median	16	0.4539	0.3375	0.0188	0	0.7405	953.5	0.0492	0.2443
S.D.	6.90	0.1341	0.1563	0.0601	0.5001	0.2188	6309.7830	0.0375	0.7253
Max	55	0.8747	0.7834	0.7391	1	1	79801	0.3419	1.8425
Min	6	0.0173	0.0040	0.0000	0	0	28	-0.1992	-17.6487
1992	Mean	17.93	0.4711	0.3396	0.0412	0.4870	0.7012	2634.5760	0.0459	0.1900
(1074)	Median	17	0.4500	0.3364	0.0197	0	0.7391	979	0.0433	0.1806
S.D.	6.95	0.1341	0.1529	0.0635	0.5001	0.2191	6404.9810	0.0359	0.4456
Max	56	0.8638	0.7543	0.7365	1	1	80997	0.2841	2.7978
Min	5	0.1465	0.0045	0.0001	0	0	26	-0.1265	-9.2580
1993	Mean	17.64	0.4682	0.3370	0.0416	0.4798	0.6991	2634.4860	0.0307	0.0890
(1088)	Median	16	0.4423	0.3298	0.0205	0	0.75	974.5	0.0314	0.1178
S.D.	6.94	0.1349	0.1542	0.0654	0.4998	0.2199	6413.3720	0.0393	0.3372
Max	60	0.8746	0.7722	0.7627	1	1	81488	0.2580	1.4940
Min	5	0.0580	0.0038	0.0001	0	0	25	-0.2163	-2.6705
1994	Mean	18.07	0.4663	0.3334	0.0486	0.4927	0.6767	2525.0910	0.0241	0.0616
(1098)	Median	17	0.4434	0.3275	0.0258	0	0.7143	962	0.0265	0.1023
S.D.	6.80	0.1348	0.1519	0.0704	0.5002	0.2147	5943.7270	0.0411	0.3450
Max	50	0.9886	0.7474	0.7780	1	1	79339	0.2070	1.1218
Min	6	0.1544	0.0011	0.0001	0	0	20	-0.1864	-2.4440
1995	Mean	17.84	0.4677	0.3297	0.0531	0.4915	0.6673	2413.2720	0.0291	0.0970
(1121)	Median	17	0.4456	0.3246	0.0307	0	0.7059	925	0.0295	0.1183
S.D.	6.77	0.1358	0.1544	0.0700	0.5002	0.2183	5928.6220	0.0385	0.4721
Max	59	0.8737	0.7413	0.7441	1	1	76679	0.1971	9.7438
Min	4	0.1538	0.0014	0.0001	0	0	19	-0.1404	-5.1725
1996	Mean	17.75	0.4681	0.3188	0.0588	0.5000	0.6645	2351.3010	0.0309	0.1161
(1152)	Median	16	0.4484	0.3174	0.0311	0.5000	0.7	886	0.0304	0.1364
S.D.	6.8	0.1354	0.1472	0.0761	0.5002	0.2186	5785.4810	0.0375	0.4914
Max	60	0.8764	0.7067	0.6641	1	1	75590	0.1952	3.4981
Min	4	0.1628	0.0032	0.0000	0	0	20	-0.1851	-10.9893
1997	Mean	17.7	0.4679	0.3163	0.0598	0.4877	0.6678	2277.3510	0.0368	0.1478
(1175)	Median	16	0.4495	0.3115	0.0314	0	0.7143	846	0.0342	0.1517
S.D.	6.8	0.1376	0.1503	0.0790	0.5001	0.2177	5631.1000	0.0367	0.3600
Max	61	0.9179	0.7022	0.6868	1	1	72193	0.1814	2.4421
Min	6	0.0361	0.0031	0.0000	0	0	22	-0.2092	-4.0226
1998	Mean	17.19	0.4703	0.3028	0.0579	0.4879	0.6630	2219.2850	0.0325	0.1153
(1195)	Median	16	0.4482	0.2956	0.0245	0	0.7059	830	0.0296	0.1281
S.D.	6.59	0.1368	0.1525	0.0821	0.5001	0.2164	5472.7640	0.0387	0.4405
Max	61	1	0.6936	0.6969	1	1	70375	0.2484	6.3527
Min	6	0.1197	0.0025	0.0000	0	0	21	-0.3161	-5.1734
1999	Mean	15.9	0.4689	0.2930	0.0552	0.4840	0.6533	2141.5970	0.0234	-0.0545
(1215)	Median	15	0.4487	0.2826	0.0203	0	0.6923	798	0.0218	0.0789
S.D.	6.04	0.1400	0.1548	0.0831	0.4999	0.2187	5286.2330	0.0427	1.2140
Max	61	0.9501	0.6984	0.7799	1	1	67912	0.2313	2.2751
Min	6	0.0711	0.0045	0.0000	0	0	24	-0.2429	-37.2923
2000	Mean	15.13	0.4679	0.2734	0.0634	0.4831	0.6412	2005.5460	0.0309	0.0110
(1240)	Median	14	0.4470	0.2574	0.0206	0	0.6910	750	0.0276	0.0974
S.D.	5.6	0.1440	0.1445	0.0948	0.4999	0.2252	4940.1410	0.0455	0.6477
Max	61	0.9725	0.6591	0.7563	1	1	65290	0.3060	1.6591
Min	5	0.0770	0.0022	0.0000	0	0	17	-0.5812	-13.9821
2001	Mean	14.7	0.4662	0.2726	0.0647	0.4808	0.6326	1981.4810	0.0366	0.0318
(1121)	Median	14	0.4440	0.2474	0.0203	0	0.6667	746	0.0327	0.1046
S.D.	5.3	0.1478	0.1530	0.0953	0.4999	0.2254	4883.8270	0.0410	0.7224
Max	63	0.9519	0.7012	0.7667	1	1	66005	0.2567	15.7157
Min	6	0.0294	0.0015	0.0000	0	0	15	-0.1920	-5.7298
Total	Mean	17.1	0.4687	0.3156	0.0519	0.4880	0.6713	2351.5530	0.0353	0.1071
(13574)	Median	16	0.4472	0.3096	0.0233	0	0.7143	867	0.0334	0.1414
S.D.	6.6	0.1374	0.1546	0.0768	0.4999	0.2206	5771.2620	0.0405	0.6071
Max	63	1	0.8089	0.7799	1	1	81488	0.3419	15.7157
Min	4	0.0173	0.0011	0.0000	0	0	15	-0.5812	-37.2923