Variable Name

Definition of variables

SGA

The sum of the sales expenses and management expenses of the listed company

Rev

Revenue of listed companies

D

Virtual variable: if the operating revenue of the listed company in the t period is less than that in the t − 1 period, D is 1. Otherwise, D is 0

Eighteen

The dummy variable, if t ≥ 2013, is equal to 1; Otherwise, it’s 0

The state

The dummy variable, if the listed company is state-owned, then state = 1; No, it’s 0.

lnasset

$=\ln \left(\frac{\text{Total}{\text{Asset}}_{i,t}}{{\text{Revenue}}_{i,t}}\right)$

GDP

Economic growth rate

lnemployee

$=\ln \left(\frac{\text{The}\text{number}\text{of}{\text{employees}}_{i,t}}{{\text{Revenue}}_{i,t}}\right)$