Designation | Symbol | Definition |
Explained variable |
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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 |
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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 |
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|
Debt asset ratio | lev | Debt Asset ratio |
Chairman-CEO duality | om | If the duality of Chairman-CEO, the variable = 1; otherwise, the variable = 0 |