[Retracted] Analysis of Stock Market Opening and Environment Protecting Information with Computational Technologies: Evidence from China

Table 1

Definitions of the variables.

Type of the variables	Name	Title	Description of the variables
Explained variables	Environmental protection information disclosure	Disclose	If the company publishes the information relating to the environment protection in the statements, such as the annual financial reports, social responsibility reports, or environmental reports, we define the value of disclose as 1; otherwise, it is 0.
Explanatory variables	Stock connects	Treat	We define the value of the variable as 1 if the company is the target company that was included in the stock connect for the first time during the sample period and has not been removed; otherwise, the value is 0.
	After implementation of the policy	Post	If the company becomes the target company of the stock market opening policy, we define the value of the variable as 1; otherwise, it is 0.
	Opening stock market	Treat ∗ post	Interact items of dummy variables between the target enterprises and policy implementation of stock connect.
Control variables	Size of the company	Size	Take the natural log of the company’s sales.
	Nature of property rights	State	It is a dummy variable; if the property belongs to the state, we define the value of the variable as 1, and if the property does not belong to the state, it is 0.
	Analyst tracking quantity	Analyst	We define the value of the variable as the number of analysts involved in the company’s earnings forecast taking a natural log and is added by one.
	Listing years	Age	The number of years a public company has been listed.
	Shareholding ratio of institutional investors	Institute	The sum of the institutional investors’ shareholding.
	Proportion of shareholding of the biggest shareholder	Bigshareholder	The proportion of shareholding of the company’s largest shareholder.
	Big Four accounting firms	Big Four	If the listed company employs the international Big Four accounting firms, we define the value of the variable as 1; otherwise, the value is 0.
	Company growth	Growth	The growth rate of revenue.
	The total amount of profit	Earning	The sum of net profit and finance expenses divided by total assets.
	Business risk	Beta	Comprehensive market annual beta value.
	Book-to-market ratio	BM	The ratio of the book value of the net assets to total assets
	Industry	Ind	Dummy variables of the industry.
	Year	Year	Dummy variables of the year.