| Variable | Variable symbol | Index measurement |
| Research and development investment | RD | The natural logarithm of R & D investment. |
| Scale of social donation | Donate | Add 1 to the amount of social donation and take the natural logarithm. |
| Social donation behavior | Dum | If the enterprise has social donation behavior, the value of Dum is 1, otherwise it is 0. |
| Regional formal institutional environment | Market | Marketization Process Index . |
| Regional informal institutional environment | Inmarket | The number of Confucian temples and temples per 10,000 square kilometers in the region. |
| Proportion of shares held by controlling shareholders | Top1 | The ratio of the number of shares held by the largest shareholder of an enterprise to the total number of shares. |
| Financial debt ratio | Financial | (non-current liabilities + short-term loans + non-current liabilities due within one year + transactional financial liabilities + derivative financial liabilities)/total liabilities. |
| Return on net assets | ROE | Net profit/total assets. |
| Rate of intangible assets | Inassets | Total intangible assets/total assets. |
| Cash ratio | Cash | Balance of cash and cash equivalents/total assets at the end of the period. |
| Operating gross margin | Magin | (operating income-operating cost)/operating cost. |
| The nature of the actual controller of the enterprise | State | Set to a virtual variable, the value of the state-owned enterprise is 1, otherwise it is 0. |
| Industry/year | Ind/Year | Control |