Variables types

Variable code

Variable name

Variable measurement

dependent variable

Ch_i,t

strategic change

volatility of strategic resource allocation between years

independent variable

Dyna_i,t

environmental dynamics

standard deviation/expected value of business revenue over the past five years

moderating variable

Ff_i,t

financial flexibility

financial flexibility = cash flexibility + debt financing flexibility

control

variable

Age_i,t

enterprise age

take the natural logarithm of the number of years from the establishment to the statistics

Esize_i,t

total staff size

take the natural logarithm of the total number of employees at the end of the period

Csize_i,t

total staff size

take the natural logarithm of the total number of assets at the end of the period