name

symbol

descriptions

asset size

size

ln(total assets)

accounting performance

roa

net profit/total assets

capital intensity

ci

total assets/operating income

capital composition

lev

total liabilities/total assets

growth

growth

(total assetst+1 − total assetst)/total assetst

age

age

2017—the year the company was established

number of managerial holdings

mngmhldn

ln(Σmanagerial holdings)

Tobin’s q

tobin

(number of tradable shares * shares + non-tradable or restricted stock * net assets per share + book value of liabilities)/total assets

state-owned enterprises dummy

soe

Value is 1 if an enterprise is state-owned enterprises, otherwise is 0