Variable Type	Variable Symbol	Definition
Dependent variable	INS	Institutional investor’s shareholding ratio, data from WIND database
Independent variable	CSR Risk	Corporate social responsibility risk, data from RepRisk database
Control variable	SIZE	Company size, natural logarithm of total assets
	LEV	Financial leverage, liabilities divided by assets
	State	Dummy variable, when the actual controller of the enterprise is set to 1 for the state-owned unit, otherwise 0
	ROA	Return on total assets, annual net profit divided by total assets at the end of the year
	Growth	Operating income growth rate, the current operating income minus the operating income of the previous period, and then divided by the operating income of the previous period
	TRSHARE	Natural logarithm of the number of shares outstanding at the end of the year
	TOP	Equity concentration, the sum of the company’s largest shareholder’s shareholding ratio
	TAMVB	Book value ratio, total assets divided by market value
	BPS	Net assets per share, net assets divided by the number of ordinary shares at the end of the period
	Mortgage	Fixed assets ratio, fixed assets divided by total assets
	VOL	Annual turnover of corporate stocks
	EXCP	Executive compensation, the natural logarithm of the top 3 executive compensation
	IDB	Independent director ratio, the number of independent directors divided by the number of directors
	GCFO	Net flow growth rate from operating activities
	SC	Selling expenses as a percentage of assets, selling expenses divided by total assets
	JNN	Shareholding ratio of the Supervisory Board, divided by the total number of shares held by the Supervisory Board
	ROWC	Working capital turnover, operating income divided by average working capital
	Market	Marketization index, the data comes from “China’s Marketization Index Report by Province”
	WCLRat	Working capital to borrowing ratio, working capital divided by total borrowings