| Variable type | Variable name | Variable symbol | Variable definitions |
| Interpreted variables | Innovation performance | Patent | Logarithm of the number of patent applications of enterprises |
| Explanatory variables | Returnee Managers | FSM | the proportion of managers with overseas background to the total number of managers |
| Intermediary variables | Risk-taking | Z-score |
|
| Control variables | Enterprise scale | Size | Natural logarithm of total assets |
| Operating income growth rate | Growth | (Annual amount for the current year − amount for the same period of the previous year)/(Amount for the same period of the previous year) | |
| Assets and liabilities | LEV | Total liabilities/total assets | |
| Equity concentration | CR1 | The proportion of the company’s largest shareholder | |
| Manager salary | Pay | The logarithm of the top three managers’ total compensation | |
| Number of independent directors/number of directors | Ind | Number of independent directors/number of directors | |
| year | Year | virtual variable | |
| Industry | Industry | virtual variable |