Table 1 Variable definition.
From: Regional cultural inclusiveness and firm performance in China
| Â | 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 |
