| Variables | Measurement |
| score | Conservatism through c-score model |
| succession | It takes 1 if the successor is the chief manager or chairman, otherwise 0 |
| ceo | It takes 1 if the chairman and the chiefl manager are held by one person, otherwise 0 |
| major | It takes 1if the successor is majoring in management or obtains a senior management title, otherwise 0 |
| edu | It takes 0 when the successors is undergraduate, and 1 when the successor is graduate degree or above。 |
| bm | Price per share/Net assets per share |
| dev | The difference between control right and cash flow right |
| growth | Growth rate of operating income |
| lev | Asset-liability ratio |
| roe | Rate of return on common stockholders' equity |
| size | Ln(asset) |
| tq | The value of to bin q |
| year | Dummy variable of year |
| indcd | Dummy variable of industry |