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