Variable nature

Variable name

Symbol

Calculation formula

Explained variable

TobinQ value

Q

Market value/total assets

Explanatory variables

Executive shareholding ratio

MSR

Total number of shares held by senior management/total number of shares

Control variable

Equity balance

S

The sum of the shareholding ratio of the company’s second

largest shareholder to the tenth largest shareholder

Business scale

SIZE

Natural logarithm of total assets

Assetsand liabilities

LEV

Total liabilities/total assets

Freecash flow

FCFF

(net profit + interest expense + non-cash expenditure)

− working capital addition − capital expenditure