Variable properties | Variable name | variable symbol | variable declaration | observed value | mean | standard deviation |
explained variable | Enterprise total factor productivity | TFP_OP | Calculated by the OP method | 19,571 | 7.076 | 0.935 |
Core explanatory variables | Gap in executive pay | GAP | The difference between the average pay of the company’s top three executives and the average pay of the remaining executives is measured logarithm | 19,571 | 12.02 | 1.069 |
regulated variable | Equity concentration | OC | Measured by the shareholding ratio of the largest shareholder | 19,571 | 35.00 | 14.90 |
controlled variable | Scale | size | The number of employees takes the log after adding 1 | 19,571 | 7.773 | 1.226 |
Asset-liability ratio | lev | Measured by the value of total assets/total liabilities | 19,571 | 0.440 | 0.212 | |
Tobin Q value | tbq | Market value/total assets | 19,571 | 2.049 | 1.318 | |
Administrative expense rate | aci | Administrative expenses/operating income | 19,571 | 0.0930 | 0.0750 | |
Government subsidies | zf | Government subsidy plus 1 after taking the log | 19,571 | 14.31 | 4.790 |