Variable	Description
Q	Tobin Q
HS	Sustainable index of human capital structure, calculated by Formula (2)
RPS	Relative peer human capital structure index, calculated by Formula (3)
Leverage	Debt asset ratio
Size	Company size, is computed as the log of market value
Growth	Asset growth rate, $(a s s e t_{t} - a s s e t_{t - 1}) / a s s e t_{t - 1}$
Equity	Return on net assets, net profit divided by the average value of shareholder’s equity at the beginning of year plus equity at the end of year
Wage	Average wage increase rate of employees in the province where the enterprise are headquartered
Per GDP	Growth rate of per capita gross domestic product in the province where the enterprise are headquartered
Apply	Measuring innovation level by the number of patent applications annually in company
Lz	Labor productivity growth rate, labor productivity in t-year minus labor productivity in t − 1 year, divided by labor productivity in t − 1 year, labor productivity is the main business income divided by the number of employees
Gap	Internal pay gap, per capita compensation of management divided by per capita compensation of ordinary employees. Management includes board of directors, board of supervisors and executives