| Variable name | Explanation |
| IE1 | Innovation efficiency in the first year |
| IE2 | Innovation efficiency in the next two years |
| IE3 | Innovation efficiency in the next three years |
| Pay gap | Executive team pay gap |
| Size | Natural logarithm of total assets at the end of the year |
| Bsize | Natural logarithm of total board |
| Indepen | Ratio of the number of independent directors to the total number of directors |
| Leverage | Ratio of total liabilities to total assets at the end of the year |
| Top1 | The ratio of the number of shares held by the largest shareholder to the total number of shares |
| Roa | Ratio of net profit to total assets at the end of the year |
| CF | Ratio of net cash flow from operating activities to total assets at the beginning of the year |
| Growth | Company growth |
| SOE | Dummy variable, if the company’s ultimate controller is state-owned, take 1; otherwise, take 0 |
| Dual | Dummy variable, if the chairman and the general manager are the same person take 1; otherwise take 0 |
| Year | Virtual variable |
| Industry | Virtual variable |