| Variable name | Explanation |
| SYD1 | Goodwill Impairment accounts for total goodwill before goodwill is accrued |
| Recover | Change of chairman or general manager takes 1, otherwise 0 |
| Big4 | The value of the four audits takes 1, otherwise 0 |
| Size | Natural logarithm of total assets at the end of the year |
| SYsize | Natural logarithm of goodwill |
| ROE | Ratio of net profit to owners’ equity at the end of the year |
| Growth | Company growth |
| OWN | The ratio of the number of shares held by the largest shareholder to the total number of shares |
| Lev | Ratio of total liabilities to total assets at the end of the year |
| BTM | Ratio of Book value of total assets to market value of total assets |
| Balance | Ratio of Shareholding of top ten shareholders minus shareholding of largest shareholder to the largest shareholder |
| Num | Natural logarithm of Total number of directors at the end of the year |
| Year | virtual variable |
| Ind | virtual variable |