| Variables | Definition |
| growth | operating income growth rate |
| FC | SA index |
| CEI | CEI provincial level index |
| Size | logarithm of total assets |
| Age | logarithm of establishment years |
| ROS | operating profit/main business income |
| Lev | liabilities/total assets |
| Equitynature | dumb variables classified into state-owned, private, foreign capital and others |
| GDP | logarithm of annual GDP |