Variable | Symbol | Definition |

Tobin Q | TOBINQ | (Closing price at the end of year × outstanding shares + net asset value per share × non-circulating shares + liabilities at the end of year)/total assets at the end of year |

Return on assets | ROA | Net income/total asset |

Cash dividend dummy | D_DIV | D_DIV if equal to 1 if DPS > 0 |

Dividend per share | DPS | Total dividend before tax/total outstanding shares of the year |

The proportion of institutional investors’ shareholding | INST | Total shares held by institutional investors at the end of year/total outstanding shares of the year |

The share proportion of the largest shareholder | TOP | Total shares held by the largest shareholder at the end of year/total outstanding shares of the year |

The square of the share proportion of the largest shareholder | TOPSQ | (Total shares held by the largest shareholder at the end of year/total outstanding shares of the year) |

Financial leverage | LEV | Total liabilities at the end of year/total assets at the end of year |

Firm scale | SIZE | Ln (total assets at the end of year) |

The growth of company | GR | Total assets growth rate = (total assets at the end of year/total assets at the end of last year) − 1 |

Return on equity | ROE | Net income/total equity |

Earnings per share | EPS | Net income/total outstanding shares of the year |