| Variable name | Variable description |
| f_CEO_fturnover | Forced turnover of executives in the next period. If there is a forced turnover among chairman or CEO, then take 1; 0 otherwise |
| ETR | ETR = Average value of (income tax expense − deferred income tax expense)/profit before tax after industry standardization in the previous three years ETR is further divided into high ETR and low ETR, which represent passive tax avoidance and aggressive tax avoidance by taking the 5th quantile and 1th quantile respectively |
| RATE | RATE = nominal income tax rate − ETR RATE is further divided into highRATE and lowRATE, represent aggressive tax avoidance and passive tax avoidance respectively |
| Size | Logarithm of total assets |
| Leverage | Long term loan/total assets |
| dsales | (sales revenue of current period − sales revenue of previous period)/total assets of previous period |
| dROA | (net profit of current period − net profit of previous period)/total assets of previous period |
| Ownership | 1 for state-owned companies and 0 for private companies |
| Duality | whether the CEO and the chairman of the board of directors are held by the same person, take 1 if yes and 2 otherwise |
| Meat_beat | take 1 for reaching the analyst forecast, 0 otherwise |