Variables | Variables Definition |
EPI | Environmental investment divided by total investment |
Manage | Shares held by the management divided by the total share capital of the company |
SOE | Property right, set equal to 1 if state-owned, otherwise it is 0 |
HHI | Herfindal-Hirschmann index to calculate the degree of industry competition |
Cost | The ratio of management fee, to calculate the agent cost |
ROA | Net profit divided by total asset |
Growth | The growth in income |
Cashflow | Net operating cash flow divided by total assets |
Levi | Financial leverage |
Size | The logarithm of total assets |
Age | The number from the company lists |
Reg | Environmental regulation |
First | The share hold by the first shareholder divided by total share |
Director | The size of the board |
Indep | The number of independent directors by the total number of the board director |
Bage | The average age of the board |