| Variable type | Variable name | Expected symbol | Variable definition |
| Interpreted variable | IVi,t | Heterogeneous fluctuation of stock price | |
| Explanatory variable | FIDIRi,t−1 | + | Number of independent female directors |
| EQi,t−1 | + | Earnings quality | |
| Control variable | ROEi,t−1 | ? | Rate of return on capital equity |
| LEVi,t−1 | ? | Financial leverage | |
| MtoBi,t−1 | ? | Market value ratio | |
| IDIRi,t−1 | ? | The number of independent directors of the board of directors | |
| ΣIndustry | INDj |