Variables

Symbol

Measure

Dependent variable

Tobin’s Q

TQ

Ratio of market value to asset replacement cost

Independent variable

Corporate social responsibility

CSR

Hexun CSR Rating score

Moderating variables

R&D investment intensity

RD

Ratio of R&D investment to business revenue

Chairman’s age

Age

The age of the chairman

Chairman and CEO

CEOD

Assign a value of 1 if the chairman is also the CEO, 0 otherwise

Control variables

Size

Size

Ln (Total corporate assets)

Gearing ratio

Lev

Ratio of total liabilities to total assets

Business capability

TAT

Ratio of business income to total assets