| Control Variables | Definition |
| Polic | Dumb variable, if one of the company’s executives has been or is now a party representative, NPC deputy or CPPCC member, then Polic is 1, otherwise is 0. |
| Lev | Liability/Asset * 100 |
| First | The company’s largest shareholder shareholding ratio |
| Lnasset | The natural log of total assets |
| Lngdp | The natural log of The GDP per capita of the region takes logs |
| Industry | Dumb variable, if the company is in this industry, then Industry is 1, otherwise is 0. |
| Year | Dumb variable, if the company is in this year, then Year is 1, otherwise is 0. |