Variable Name | Definition |

option | Dummy variable, set to 1 if the equity incentive plan was implemented in the current year, otherwise set to 0 |

ieffi | Residual error obtained after regression processing using |

over | The residual value is positive, over = |ieffi|; the residual value is negative, over = 0 |

under | The residual value is negative, under = |ieffi|; the residual value is positive, under = 0 |

NCSKEW | See the formula |

DUVOL | For specific calculation, see the formula |

Mgr | Number of shares held by executives/total number of shares |

Ddr | Number of independent directors/number of board of directors |

Size | The natural logarithm of the company’s total assets for the year |

Bm | Number of outstanding shares of net assets per share/company market value |

Tbq | (The value of tradable shares and non-tradable stocks at the end of the year + the value of long-term and short-term liabilities)/total assets at the end of the year |

Insar | Institutional investment/registered capital |

Roa | Net profit after tax/total assets |

Ret | Shanghai and Shenzhen Composite Index returns over the same period |

Zda | See the formula |

Sigma | The standard deviation of the weekly specific return of each equity year |

Hslb | (Monthly trading volume/total circulating equity) × 100% |

Dual | Dummy variable, set both chairman and CEO to 1, otherwise set to 0 |

FCF | (Net cash flow from operating activities-expected new investment)/Total assets at the end of the previous year |