Table 1 Variable definition.
From: Regional cultural inclusiveness and firm performance in China
Definition | |
|---|---|
Dependent variable | |
ROE | Return on equity |
Independent variable | |
Inclu | The cultural inclusiveness index constructed by Sun et al. (2023a) and Sun et al. (2023b) based on food culture |
Inclu_alter | Alternative variables for cultural inclusiveness index based on food culture |
Firm-level control variables | |
Size | Natural logarithm of corporate total asset |
Lev | Total liability / Total asset |
BM | Book to market ratio |
SOE | SOE = 1 if corporate property rights belong to the state, otherwise 0 |
Corporate governance-related control variables | |
TOP_1 | The shareholding ratio of the largest shareholder |
Boardsize | Number of directors |
Indeboard | Number of independent directors / Number of directors |
Income | Natural logarithm of the total remuneration of directors, supervisors and senior executives |
CO_CEO | the dummy variable that reflects that the chairman and CEO of a firm are the same person |
Regional control variables | |
GDP_Per | Natural logarithm of per capita GDP in the corporate office location |
GDP_Growth | GDP growth rate in the corporate office location |
Pop_Growth | Population growth rate in the corporate office location |
Consume_Per | Natural logarithm of per capita consumption in the corporate office location |
