The Complex Impact of Relational Embeddedness on Enterprise Value: The Moderating Effect of Environmental Dynamics

Table 1

Measurement methods of variables.

Variable name	Code	Measurement methods	References
Enterprise value	EV	Tobin’s Q (the ratio of a company’s market value to the replacement value of its assets)	McConaughy et al. [41] & Liang et al. [42]
Relational embeddedness	RE	The number of top management’s part-time enterprises	Zhang et al. [43] and Qu &Yu [44]
Resource integration capability	RIC	Enterprise intangible assets ratio	Song and Yu [29]
Market environmental dynamics	MED	The ratio of the standard deviation of abnormal profit and loss in 2011–2015 to the average operating income of the enterprise in the past five years	Boyd [45] & Chen et al. [38]
Technology environmental dynamics	TED	The ratio between the standard deviation of R&D investment in 2011–2015 and the average operating income of the enterprise in the past five years	Zhang et al. [43] and Qu & Song and Yu [29] & Chen et al. [38]
Enterprise size	Size	Logarithm of enterprise’s total assets at the end of the period
Leverage	LEV	The ratio between total liabilities and total assets of an enterprise
Financial leverage	FL	The ratio between the change rate of earnings per share of common stock and the change rate of profit before interest and tax
Ownership concentration	OC	Shareholding ratio of the top three shareholders
Equity balance degree	EBD	The ratio of the sum of the shareholding ratio of the second to the tenth largest shareholders and the shareholding ratio of the first largest shareholder
Capital density	CD	Ratio of net fixed assets to total assets at the end of the year
Preperformance level	PROA	Ratio of operating profit to total assets
Effective tax rate	ETR	Ratio of enterprise income tax expense to profit before interest and tax