| Variable Type | Variable Symbol | Variable Measure |
| Dependent Variable | EO | See text formula(4) |
| Dependent Variable | XXZSGX | Health index of the government-business relationship at city level |
| Close | Close index of the government-business relationship at the city level | |
| Unsullied | Unsullied index of the government-business relationship at the city level | |
| Control Variables | Asset | The natural log of a firm’s total assets |
| Lev | Total liabilities divided by total assets | |
| Roa | Net profit divided by total assets | |
| CF | Divide operating cash flow by total assets | |
| Growth | Growth rate of total assets of enterprises | |
| Dual | If the general manager and chairman are the same, the value is 1; otherwise, it is 0 | |
| First | The proportion of the number of shares held by the largest shareholder to the total share capital | |
| Indep | The proportion of independent directors in the board of directors of an enterprise |