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| Variable name | Variable symbol | Variable definition |
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| Innovation investment | RDI | R&D investment expenses/operating revenue |
| CSR performance | CSR | Hexun.com on Corporate Social Responsibility Ratings |
| Executive compensation incentive | LnPAY | Natural logarithm of total annual salary of senior executives |
| Enterprise government subsidy | LnGOV | Natural logarithm of the total amount of government subsidies received by the enterprise in the year |
| Competitive position of enterprises | Pcm | Lerner index at firm level - Lerner index at industry level |
| Enterprise age | AGE | The establishment period of a listed company is the number of years from the establishment of the listed company to the sample examination year |
| Enterprise scale | LnA | Natural logarithm of total assets at the end of the period |
| Board size | BOA | Number of board members |
| Shareholding ratio of the largest shareholder | Share1 | Proportion of the number of shares held by the largest shareholder in the total share capital |
| Equity checks and balances | Balance | The sum of the shareholdings of the second to tenth largest shareholders / the shareholding of the first largest shareholder |
| Enterprise value | Tobin’s Q | (Market value of stocks + book value of liabilities)/Total assets at the end of the year |
| Return on net assets | ROE | Net profit after tax / net assets |
| Company growth | Irr | Growth rate of main business income |
| Cash flow | CF | Net cash flow from operating activities / total assets at the end of the period |
| Year dummy variable | YEAR | Controlling the dummy variables for the year, this paper sets the corresponding dummy variables for each of the 11 years from 2009-2019 |
| Industry dummy variable | IND | Dummy variables for control industries, represented by 21 industry dummy variables |
| Province dummy variable | PROV | Dummy variables controlling for provinces, expressed as dummy variables for 34 provincial administrative regions |
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