Variable name

Variable symbol

Variable definitions

Explained variable

Insufficient investment

${\text{UNDERINV}}_{i,t}$

Model calculation

Over-investment

${\text{OVERINV}}_{i,t}$

Model calculation

Explanatory variables

Total intensity of equity incentives

${\text{EI\_ALL}}_{i.t}$

Model calculation

Equity incentive dummy variable

${\text{EI\_dum}}_{i,t}$

It has 1 equity incentive effect in the year, otherwise it is 0.

Executive overconfidence

${\text{OC}}_{i,t}$

Overconfidence is 1, otherwise 0