| Variable name | Variable symbol | Variable definitions |
| Environmental uncertainty | Eu | Standard deviation of abnormal sales revenue over the last 5 years/Average sales revenue over the last 5 years |
| Free cash flow | Fcf | The natural logarithm of the difference between net cash flows from operating activities and estimates of normal investment levels |
| Management cost ratio | Adm | Management fees/Total assets |
| Majority shareholders capital occupying | Otac | Net other receivables/Total assets |
| Share ratio of the largest shareholder | Top1 | Number of shares held by the largest shareholder/Total number of shares |
| Separation of two rights | Sep | The difference between the control and ownership of a listed company owned by the actual controller |
| Management stock position proportion | Ms | Management shareholding/The total number of shares |
| Executive compensation | Comp | Take the natural logarithm of the total compensation of the top three executives |
| Minority ownership | Mino | Minority equity/Owner’s equity |
| Board size | Bsize | Take the natural log of the number of directors |
| Ratio of independent directors | Indep | Number of independent directors/Number of directors |