| Variable | Metric method |
Explained variables | Invest | (current fixed assets + intangible assets + other long-term assets)/the total assets at the beginning |
Overinv | the residual greater than zero after the regression estimation of the expression | |
Underinv | the absolute value of the residual less than zero after regression estimation of the expression value | |
Explanatory variables | Sa | If self-serving Attributive exists, take 1, otherwise, take 0 |
Sa × FCF | The interaction term between self-serving attribution and free cash flow | |
FCF | (net profit + interest expense + non-cash expense) − working capital supplement − capital expenditure | |
Sa × Gender | The interaction term between self-serving attribution and gender | |
Gender | Men take 1, women take 0 | |
Control variables | Size | natural logarithm of assets |
Ret | the annual return of the stock considering the cash dividend reinvestments | |
Cash | (total cash + cash equivalents at the end of the period)/the total assets at the end of the period | |
Duration | the listed age of the enterprise | |
Lev | the asset-liability ratio of an enterprise | |
Growth | The value of Tobin Q | |
Top | If the chairman and the general manager are the same person, take 0; otherwise, take 1 | |
Board | Number of board members | |
Share | Proportion of shares held by the largest shareholder | |
Industry | The dummy variable of the Industry | |
Year | the dummy variable of the Year |