| Variable Symbols | Variable Name | Variable Definition |
| Growth | Growth opportunities | Proportion of sales revenue growth at the end of the year |
| Lev | Asset-liability ratio | The ratio of total liabilities to total assets at the end of the year |
| Cash | Cash holding level | Cash and cash equivalents at the end of the year/total assets at the end of the previous year |
| Age | Enterprise age | Years since the company’s initial public offering reached the end of the year |
| Size | Company size | The natural logarithm of the company’s total assets |
| EPS | Earnings per share | The basic earnings per share |
| Scale | Top management teams scale | The natural logarithm of the total number of senior staff in this year |
| BIG | The shareholding ratio of the first largest shareholder | The percentage of shares held by the company’s largest shareholder in the middle of the year |
| Year | Annual dummy variable | Value is 1 for the sample company in the year |