| Variables | Variables Definition |
| EPI | Environmental investment divided by total investment |
| Manage | Shares held by the management divided by the total share capital of the company |
| SOE | Property right, set equal to 1 if state-owned, otherwise it is 0 |
| HHI | Herfindal-Hirschmann index to calculate the degree of industry competition |
| Cost | The ratio of management fee, to calculate the agent cost |
| ROA | Net profit divided by total asset |
| Growth | The growth in income |
| Cashflow | Net operating cash flow divided by total assets |
| Levi | Financial leverage |
| Size | The logarithm of total assets |
| Age | The number from the company lists |
| Reg | Environmental regulation |
| First | The share hold by the first shareholder divided by total share |
| Director | The size of the board |
| Indep | The number of independent directors by the total number of the board director |
| Bage | The average age of the board |