| Variables | Definitions |
| Lnfee | Natural logarithm of audit costs |
| Lndis1 | The natural logarithm of the weighted average distance between the listed company and the the top five customers, weighted by sales revenue |
| Lndis2 | Natural logarithm of the arithmetic average distance between a listed company and the top five customers |
| Lev | Financial leverage, total liabilities/total assets |
| Roa | Return on equity, profit after tax/total assets |
| Lnsize | Company size, natural logarithm of company total assets |
| Growth | Sales growth rate |
| Rec | total accounts receivable/asset |
| Inv | Prtotal inventory/total assets |
| Big4 | the accounting firm is 1 for the Big Four, otherwise it is 0 |
| Liudong | Current assets/current liabilities |
| CC | The sum of the sales of the top five customers of the company, and compared with the median concentration of customers in the same industry in the same year, if it is greater than the median, it is 1, otherwise it is 0 |
| Analyst | The number of analysts tracking is greater than the median of the industry is 1, otherwise it is 0 |