| 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 shareholder’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 |