RETRACTED: Violation Punishment and Total Factor Productivity, Based on the Spillover Effect between Director-Interlocked Firms

Table 1

Definition of control variables.

Age of the firm	The natural logarithm of the firm’s listing years
Lev (asset-liability ratio)	Ratio of total liabilities to total assets.
Size (size of the firm)	Natural logarithm of total assets.
State (firm ownership)	If it is a state-owned enterprise, the value of A is 1; otherwise, it 0.
Grow (Gross revenue growth rate)	Ratio of total gross revenue at the end of the year minus total gross revenue at the end of last year to total gross revenue at the end of last year.
ROE (return on equity)	Ratio of net profit to shareholder equity balance.
Independ (proportion of independent directors)	Proportion of independent directors to the total number of directors.
Dual (duality)	If the chairman and general manager are concurrently appointed, the value of A is 1; otherwise, is 0.
Industry (industry characteristics)	Industry dummy variables
Year (Year characteristics)	Year dummy variables