| Variable Type | Variable Symbol | Name | Definition |
| Dependent Variable | DIV | Cash dividends per share | Cash dividends per share |
| Independent Variable | SHRCR1 | Shareholding ratio of largest shareholder | Shareholding ratio of largest shareholder |
| Moderator Variable | MON | The proportion of the supervisory directors | The number of supervisory directors/total number of the board |
| Control Variable | SIZE | Firm asset size | Natural logarithm of total assets of the company |
| BOARDSIZE | Board size | Total number of the board | |
| EPS | Corporate profitability | After-tax profit/total stock issue | |
| CFPS | Cash flow | Net cash flows generated from operating activities/total stock issue | |
| LEV | Long term debt ratio | Non-current liability/total asset | |
| QUICKR | Quick ratio | Quick assets/current liabilities | |
| SOE | Property right | Assign “state-owned firms” to 1, otherwise assign to 0 | |
| IND | Industry | Industry dummy variables | |
| YEAR | Year | Year dummy variables |