| Name of variable | Description and calculation of variables |
| lnage | Logarithm of board secretary’s age |
| edu | Equals to 1 for secretaries with master degree or beyond, and equals to 0 for the rest |
| lnwage | Logarithm of board secretary’s yearly salary |
| growth | The average main business revenue growth in last three years before IPO |
| estyear | Listing service life = ln (length between time to market and founding time of the company) |
| lag | Logarithm of time interval between issuing date and launch date |
| subscription | Subscription rate of online issuance |
| debt | Asset-liability ratio at the end of year before IPO |
| size | Company’s size, logarithm of company’s general assets at the end of year before IPO |
| IPO size | IPO size = In (number of share in issue*issue price) |
| ROA | ROA at the end of year before IPO = net margin/total assets |
| independ director | Proportion of independent directors |
| cpa firm rank | Equals to 1 for companies employing top ten accounting firm; equals to 0 for the rest |
| market return | Market return on the day of IP |
| Industry | Industry Dummy |
| Year | Year Dummy |