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 |
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GDP | Economic growth rate |
lnemployee |
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