Variables types | Variable code | Variable name | Variable measurement |

dependent variable | Ch | strategic change | volatility of strategic resource allocation between years |

independent variable | Dyna | environmental dynamics | standard deviation/expected value of business revenue over the past five years |

moderating variable | Ff | financial flexibility | financial flexibility = cash flexibility + debt financing flexibility |

control variable | Age | enterprise age | take the natural logarithm of the number of years from the establishment to the statistics |

Esize | total staff size | take the natural logarithm of the total number of employees at the end of the period | |

Csize | total staff size | take the natural logarithm of the total number of assets at the end of the period |