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| Type | Name | Symbol | Measurement method |
|
| Explained variable | Executive compensation | Lnpay | Total compensation of top-three executives is 1/3, considering the natural logarithm |
| Executive compensation stickiness | ECS | Measurement method is described above |
|
| Explanatory variable | Return on equity | ROE | Net profit/Average net worth |
| Degree of synergy or mutual exclusion | Μ | Performance growth rate/innovation input growth rate |
|
| Control variable | The impact of asset-liability ratio | LEV | Total liabilities/total assets |
| Corporate growth | GROWTH | Revenue growth rate |
| Shareholding ratio of the largest shareholder | GQP | Number of shares held by the largest shareholder/total number of shares in the company |
| Proportion of independent directors | RATIO | Number of independent directors/Number of board members |
| Board size | LNBOARD | Logarithmic number of board members |
| Double duty | DUAL | When DUAL = 1, the chairman and the general manager are the same individual; when DUAL = 0, they are not the same person |
| Province | PROVINCE | Virtual variable. If it belongs to the province of the sample, PROVINCE = 1; otherwise, it is 0 |
| Industry | IND | Virtual variable, which belongs to the industry of the sample, IND = 1; otherwise, IND = 0 |
| Year | YEAR | Virtual variable, which belongs to the year in which the sample resides, YEAR = 1; otherwise, YEAR = 0 |
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