Variable | Symbol | Definition |

Dependent variable | ||

Enterprise risk | Z | Calculated according to Z-score model: $Z=1.2\ast {X}_{1}+1.4\ast {X}_{2}+3.3\ast {X}_{3}+0.6\ast {X}_{4}+0.999\ast {X}_{5}$ |

Explanatory variables | ||

Cost stickiness | Sticky | Calculated according to Weiss model: Sticky |

Ownership concentration | CR5 | The sum of top 5 shareholders’ holdings |

Control variables | ||

The enterprise scale | Size | The natural logarithm of the total asset |

Asset-liability ratio | Lev | Total debt/total asset |

Profitability | Profit | The gross margins |

Capital intensity | Intensity | Total assets/operating income |