| Variable | definition |
| tbc | Tobin Q, Business Performance |
| riskb | Risk taking |
| SEA | Virtual variable, representing whether there are overseas background executives |
| SEA_N | Number of overseas background executives |
| SEA_P | Proportion of overseas background executives |
| cor | Virtual variables, whether there are core positions overseas executives |
| ecor | Virtual variables, executives of non-core positions |
| mix | Virtual variables, executives with both overseas study and work background |
| educetio | Virtual variables, executives only with overseas study background |
| wor | Virtual variables, executives only with overseas work backgrounds |
| lnsize | Asset size |
| grouth | Operating income growth rate |
| roundb | Total asset turnover |
| Mpeople | Number of board members |
| DDZB | Proportion of independent directors |
| lnast1 | Total number of shares held by management |
| persentage_ | Shareholding ratio of major shareholders |
| ONE | As the chairman and CEO |
| lninc | Compensation of top three executives’ |