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