| Variable name | Variable description |
| lnpay3 | The logarithm of the total amount of compensation of the top three executives who disclosed the highest salary amount in the listed company |
| Turnover | If a listed company has changed CEOs during the year, the value is 1, otherwise is 0 |
| social trust | Social trust indicators of different provinces, the greater the value, the higher the social trust |
| roe | The net profit/Average balance of shareholders’ equity |
| size | Company size, the logarithm of total assets |
| mb | Earnings per share = net profit/total number of shares |
| logfirmage | The logarithm of years of company listing |
| dual | When the chairman and general manager are in one, the value is 1, otherwise is 0 |
| boardsize | Number of board members |
| indpdr1 | Board independence, proportion of independent directors = number of independent directors/number of board members |
| lev_t | Asset-liability ratio = total liabilities/total assets |
| capex_at | Capital expenditure/total assets |
| eshared | Executive shareholding ratio = number of shares held by executives/total number of shares |
| audoptyp | If standard without reservation, the value is 0,otherwise is 1 |
| Herfendal10 | The sum of the squares of the shareholding ratio of the top 10 major shareholders of the company |