[Retracted] Relationship between Capital Allocation Efficiency and Diversification Strategy from the Perspective of Internal Control

Table 1

Variable definitions.

Variable name	Variable meaning	Calculation method
HDI	Degree of diversification	1-HHI, HHI =  is the proportion of industry income to total income
Invest	Investment level	Purchase and construction of fixed assets and intangible assets cash paid for other long-term assets; Cash received from disposal of the above assets; Total assets
ICI	Internal control index	Natural logarithm of DIB internal control index percentage
Deficiency	Internal control defects	When there are deficiencies in internal control, the value is 1; otherwise, the value is 0
Tobin's Q	Investment opportunity	Ln [(Total liabilities + current stock market value + net assets per share × number of nontradable shares)/Total assets
CR1	Ownership concentration	Ratio of the number of shares held by the largest shareholder to the total number of shares of the company
MStock	Shareholding ratio of senior executives	Ratio of the number of shares held by senior managers to the total number of shares in the company
FCFF	Free cash flow level	Proportion of free cash flow to total assets in T-1 period
Size	Company size	Natural logarithm of total assets
Lev	Financial leverage	T-1 liabilities/Total assets
ROA	Accounting performance	Net profit/Average annual total assets
Tenure	CEO tenure	Ln (Tenure of general manager)
Firmrisk	Enterprise risk	Standard deviation of ROA from T-3 years to T-1 years
CEOsuc	CEO succession	1 = General manager changed in the current year, 0 = other
List	Enterprise age	Year of IPO date
State	Nature of ownership	1 = state-owned enterprise, 0 = non-state-owned enterprise
Growth	Growth	(Main business income of period T-1 - Main business income of phase t) Main business income in T-1
Indus	Industry dummy variable	If the company is in industry I, the value is 1; otherwise, it is 0
Year	Annual dummy variable	If the company data is for year n, the value is 1; otherwise, it is 0