Types of

variables

Variable symbol

Variable declaration

Explained Variable

The value of the stock non-synchronization, equals to the transformation of value of the goodness-of-fit

obtained from the regression model (3)

Explanatory Variable

Media attention, equals to the natural logarithm of the number of news articles plus 1

Turnover rate, equals to the average daily turnover rate within the year

Control Variable

Company size, equals to the total assets at the end of year

Shareholding Ratio of Institutional

Shareholding ratio of the largest shareholder

Debt-to-assets ratio

Return On Assets

Industry Dummy

Year Dummy