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 | $\text{Z-score}=1.2{X}_{1}+1.4{X}_{2}+3.3{X}_{3}+0.6{X}_{4}+0.999{X}_{5}$ |

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 |