Table 1 Variable definitions.

 NCSKEW_t+1

The negative coefficient of skewness of firm-specific weekly returns in year t + 1.

 DUVOL_t+1

The down-to-up volatility of firm-specific weekly returns in year t + 1.

 CSR_GAP_t

The optimistic tone of the CSR report minus CSR performance in year t.

 Sigma_t

The standard deviation of firm-specific weekly returns in year t.

 Ret_t

The cumulative firm-specific weekly returns in year t.

 Lev_t

Leverage is defined as total debt divided by total assets in year t.

 Size_t

The natural logarithm of total assets in year t.

 BM_t

The book-to-market ratio is the book value of equity divided by the market value of equity in year t.

 ROA_t

Return on assets, defined as earnings divided by total assets in year t.

 Opaque_t

The average of discretionary accruals’ absolute values for the three years (t,t−1, and t−2) was estimated from the modified Jones model.

 Dturn_t

Stock turnover is the average monthly share turnover in year t minus the average monthly share turnover in year t−1.

 Overseas_t

Company executives with overseas experiences are defined as 1, otherwise as 0.

 Academic_t

Company executives with academic experiences are defined as 1, otherwise as 0.

 Media_t

The sum of reports mentioned the company in year t from newspapers and online media.

 INST_t

The proportion of institutional investors’ shareholdings to the company’s total shares in year t.

 Market_t

Marketization index of the province in which the company is located made by Wang et al. (2019).

 Law_t

The economic case completion rate of the province in which the company is located in year t.