Good day Sir/ Madam. I have included the question and related information about the companies (Pansar Berhad and Oversea Enterprise Berhad) financial statement information. Hope you can help me with this question. Thank you.

There are three crucial policies for investing and nancing decisions in working capital (Restrictive (Aggressive), moderate and Flexible (conservative) policies). A manager with an aggressive policy tends to invest less working capital than one with a conservative policy. In contrast, if the manager implements the moderate policy, the returns and risks are lower than those associated with the aggressive policy but higher than conservative policy. To identify if a company uses the aggressive investment policy in the investment of current assets, the ratio of current assets holding {current assets divided by total assets or sales) must be less than the mean value. To identify aggressive nancing policy, the ratio of cm'rent liabilities (current liabilities divided by total assets or sales) must be higher than the mean value. Based on this information, provide answers to the following questions: 1} Which of these policies are employed by your sampled companies 'om 2003-2020? 2} Do board characteristics have an impact on the policy (193) employed by your sampled companies? Explain. 3) Indicate how many times your sampled companies mentioned Covid-19 in their annual reports of 2019' and 2020.