| Variable type | Variable name | Variable definitions |
| The dependent variable | Risk1 | With reference to the method of |
|
| Risk2 | The difference between the maximum and minimum values of the company’s ROA during the observation period. |
| The Explanatory variable | Strategy | The company’s strategic variables was calculated with reference to the methods of |
| The moderating variable | Big10 | Whether the listed company hired the top ten domestic accounting firms to conduct audits in the current year or not, take 1; otherwise, take 0. |
| Control variables | Size | The natural logarithm of the total asset value at the end of the period. |
|
| Lev | Total liabilities at the end of the period/Total assets at the end of the period |
|
| Roa | Net profit/average balance of total assets |
|
| Bm | Book market value/total market value |
|
| Soe | State-owned holding company takes 1, otherwise 0. |
|
| ListAge | ln (the year of the current year − the year of listing + 1) |
|
| Inst | The total number of shares held by institutional investors divided by the outstanding share capital. |
|
| Year | control |
|
| Industry | control |