Variable | Explanation |
ret | Yearly stock return |
CSR | Corporate social responsibility rating by Hexun network |
median | the number of news media and newspapers report about firms to measure the reputation of firms |
leverage | total liability divided by total assets |
size | firm size is the log of the market value of equity |
growth |
|
beta | Annual systematic risks faced by firms |
pbr | Price-to-Book Ratio |
shareholding | Shareholding ratio by institutional investors |
law index | The measurement index of external legal environment comes from NERI INDEX of marketization of China’s Provinces 2018 Report |