We present measures of board structure for the restating and control samples in panel B of Table 5. The two groups of firms have similar board structures. The median board size for restating (control) firms is 7 (8) members. The median proportion of independent directors (PID) is about 71 percent in each sample. About 5 percent of the independent directors hold 5 percent or larger blocks of equity (PID5) in both groups. One striking difference between the two groups is in the incidence of an independent director with financial expertise (IDFE). The proportion of firms with at least one such director is about 18 percent in restating firms;.
