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