Designation

Symbol

Definition

Explained variable

Corporate performance

Performance

Through factor analysis method by 12 indicators in Table 1

Main operation profit

Ln_Profit

Logarithm of the main operation profit

Core variable

R&D investment

Ln_Investment

Logarithm of the R&D investment expenditure

R&D investment intensity

investment_int

investment_int = R&D investment expenditure/ main operating income

Employees’ number

Ln_Labor

Logarithm of the enterprise employee numbers

Assets

ln_size/Ln_Asset

Logarithm of the enterprise total asset size

Control variable

Debt asset ratio

lev

Debt Asset ratio

Chairman-CEO duality

om

If the duality of Chairman-CEO, the variable = 1; otherwise, the variable = 0