| Variable type | Variable name | Variable definitions |
| Explained variable | ROA | Net income/Average total assets |
| Explanatory variable | OMD | If state-owned shares > non-state-owned shares, OMD = non-state-owned shares/state-owned shares; If state-owned shares < non-state-owned shares, OMD = state-owned shares/non-state-owned shares |
| Mediator variable | MSW | The natural logarithm of top 3 executive compensation |
| MSH | The natural logarithm of management’s shareholding | |
| Control variables | Size | Total assets’ natural logarithm |
| Lev | Year-end book total liabilities/Year-end book total assets | |
| Grow | Growth rate of main business income | |
| Ocfps | Net increase in cash and cash equivalents for the period/Total equity | |
| AT | Operating income/Average total assets | |
| Board | Number of Board of Directors | |
| Year | Control the impact of macroeconomic factors in different years |