| 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 |