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 |