Types of variables | Variable symbol | Variable declaration |
Explained Variable |
| The value of the stock non-synchronization, equals to the transformation of value of the goodness-of-fit obtained from the regression model (3) |
Explanatory Variable |
| Media attention, equals to the natural logarithm of the number of news articles plus 1 |
| Turnover rate, equals to the average daily turnover rate within the year | |
Control Variable |
| Company size, equals to the total assets at the end of year |
| Shareholding Ratio of Institutional | |
| Shareholding ratio of the largest shareholder | |
| Debt-to-assets ratio | |
| Return On Assets | |
| Industry Dummy | |
| Year Dummy |