Variables

Definition

LN_A

The size of the listed company, the natural logarithm of the company’s total assets

Lev

Asset-liability ratio = total liabilities/total assets

ROA

Return on Assets = (Total Profit + Interest Expenditure)/Total Assets

Netprofit

Net profit

ReceiR

Accounts Receivable Ratio = Accounts Receivable/Revenue from principal operations

TQ

Tenure

Gender

Education

Age

Tobin Q value

Tenure of CEO

Gender of CEO, 1 male, 2 female.

Education of CEO, 1training school, 2Bachelor degree, 3Master degree, 4Doctoral degree

Age of CEO

N_Director

Number of board members

N_Supervisor

The number of members of the Supervisory Board

N_Manager

Number of executives

meeting

Number of Board Meetings