| 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 |