Variable name | Variable definition |

Meeting | Number of board meetings held annually |

Board | Number of Board of Directors |

Board shareholding ratio | Number of company shares held by the board of directors divided by total number of company shares |

Proportion of independent directors | Number of independent directors divided by total number of directors |

CEO | The combination of chairman and general manager is 1, otherwise 0 |

Number of special committees | Number of committees under the board of directors |

Executive compensation | The natural logarithm of the total remuneration of the top three executives |

Share | Proportion of the largest shareholder |

Z index | Proportion of the largest shareholder divided by proportion of the second largest shareholder |

Cstr2_10 | Sum of the square of the second to tenth largest shareholderâ€™s shareholding ratio |

State holding | State-owned holding is 0, otherwise 1 |

Parent | Has a parent company of 0, otherwise 1 |

Market | Listed in other markets is 1, otherwise 0 |