| Variable | Definition | Description |
| CSR | Corporate social responsibility | the CSR rating score published by HeXun.com |
| IC | Internal control | Dibo’s internal control index of listed companies |
| AC1 | First type of agency cost | the ratio of management fees to operating income |
| AC2 | Second type of agency cost | the ratio of other receivables and total assets |
| Size | enterprise size | The company’s total assets take the natural logarithm |
| Roa | Profitability | the ratio of company’s current year net profit to year-end total assets |
| Lnsal | Executive compensation | the top three executives’ compensation take the natural logarithm |
| Indep | Independent director ratio | The ratio of independent directors to all directors |
| Lev | Financial leverage | The ratio of total liabilities to total assets |
| Growth | Enterprise growth | The ratio of current year operating income growth to last year operating income |
| Top3 | Equity concentration | The sum of the shareholding ratio of the top three shareholders |
| State | Nature of property | When the actual controller is a state-owned property right, the variable is set to 1; otherwise, it is set to 0 |
| Year | Annual effect | Five years, four annual dummy variables are generated |
| Ind | Industry effect | Generate industry dummy variables according to the industry classification of China securities regulatory commission in 2012 |