[Retracted] Empirical Research on Seasoned Equity Offerings, Board Member Characteristics, and Corporate Investment Efficiency
Table 1
Variable definition.
Variable type
Variable name
Variable symbol
Variable definition
Dependent variable
Ineffective investment
Absolute residual value of OLS regression based on the richardson model
Independent variable
Seasoned equity offering
If rights offering, secondary public offering, or a convertible bond is adopted within the year, the value is 1, otherwise 0
Issuing new shares
If issuing new shares (including private and public placements) is adopted within the year, it is 1, otherwise 0
Rights offering
If rights offering is adopted within the year, it is 1, otherwise 0
Convertible bond
If convertible bond is adopted within the year, it is 1, otherwise 0
Age heterogeneity
Coefficient of variation is adopted (i.e., the specific value of the standard deviation to the mean value)
Mean age
Mean age of all board members
Sex heterogeneity
Calculated with herfindahl index
Female ratio
Ratio of female directors to all directors
Overseas background heterogeneity
Calculated with herfindahl index
Control variable
Company size
The company’s size is expressed by the natural logarithm of the company’s total assets at the end of the period
Financial leverage
Financial leverage is expressed as total liabilities divided by total assets
Return on assets
Net profit/average balance of shareholders’ equity
Cash holdings
Ratio of monetary capital to total assets
Sales growth rate
Current amount of operating revenue—amount of operating revenue in the same period of the previous year)/(amount of operating revenue in the same period of the previous year)
Years of establishment
Years of establishment of the company
Shareholding ratio of major shareholders
Shareholding of the largest shareholder divided by the total share capital
Board size
Number of board members
Director’s pay
Taking the natural logarithm of the total remuneration of the top three directors
Year
Dummy variables for the year
Industry
According to the industry classification guidelines for listed companies, issued by China securities regulatory commission in 2012, the value of the dummy variable is 1 if the sample enterprise belongs to the industry, and 0 otherwise
