| Variable name | Variable interpretation |
Dependent variable | Uninv | Inefficient investment, the negative residuals calculated using the Richardson [12] expected investment model, after removing the 5% quantile is under-investment. The positive residuals calculated using the Richardson [12] expected investment model, identified as over-investment after excluding the 5% quantile |
Explanatory variables | Jeu | Environmental uncertainty, the use of Shen Huihui et al. [8] calculation |
Man | Equity incentive, expressed by executive holdings of investment opportunities | |
Control variable | Contl | The ultimate control of human type, state-owned enterprises = 1, private = 0 |
Agency | Agency costs, (management costs + sales costs)/main business income that | |
Size | Company size, expressed as the natural logarithm of total assets | |
Turn | Operational capacity, expressed in terms of asset turnover |