| Variable | The meaning of the variable |
| eps | basic earnings per share |
| gov | number of independent directors in political circles. |
| academic | Number of independent directors with academic background. |
| cpa | The number of independent directors with accounting background. |
| law | The number of independent directors with legal background. |
| corp | The number of independent directors from other companies. |
| fbnum | Number of female directors |
| fbr | Female directors |
| dbr | Proportion of independent directors |
| fdbr | The proportion of female independent directors |
| bnum | Number of directors |
| supervisor | Number of supervisors |
| fsvr | Number of female superviors |
| assetmillion | Total assets |
| first | The shareholding ratio of the largest shareholder |
| first2-5 | The shareholding ratio of the 2 - 5 major shareholders. |
| Dum_industry 1 | Banking virtual variables |
| Dum_industry 2 | Securities industry virtual variables |
| Dum_industry 3 | Insurance virtual variables |
| Dum_industry 4 | Trust industry virtual variables |
| Dum_industry 5 | Other dummy variables |