| Type | Variable Name | Proxy and description |
| Dependent variable | Earningst+1 | earnings in year t + 1 |
| Independent Variable | Cet | earning excluding non-recurring profit and loss in year t. |
| Independent Variable | NRt | non-recurring profit and loss at time t. |
| Dummy Variable | D1 | D1 is a dummy variable. When Cet < 0, D1 = 1; otherwise, D1 = 0. |
| Dummy Variable | D2 | D2 is a dummy variable. When NRt < 0, D2 = 1; otherwise, D2 = 0. |
| Control variable | LEVt | book leverage |
| Control variable | OWN | OWN is a dummy variable. When the company is run by the government, OWN = 1; otherwise, OWN = 0. |
| Control variable | ROEt | Return on equity |
| Control variable | COVID | COVID is a dummy variable. When the date of the listing date is after the outbreak of COVID-19, COVID = 1; otherwise, COVID = 0. |
| Control variable | AGEt | AGE is the age of the company, which equals t minus the year when the company was founded. |