Table 2 Variable definitions for control variables.

From: Does optimising the business environment enhance enterprise resilience? The role of digital innovation and entrepreneurial spirit

Variable Names

Symbol

Measurement

Firm Size

Size

Ln (Total Assets)

Asset-Liability Ratio

Lev

Total Liabilities/Total Assets

Corporate ownership

Soe

State-owned Enterprise = 1, Private Enterprise = 0

Company Age

Age

ln (Observation Year - Year of Company Establishment)

Inventory Ratio

INV

Net Inventory/Total Assets

Dual Appointment

Dual

Chairman and CEO Dual Role = 1, Otherwise = 0

Board Size

Board

Ln (Board Size)

Shareholding Proportion of the Largest Shareholder

Top1

Shareholding Quantity of the Largest Shareholder/Total Shares

Shareholding Proportion of Institutional Investors

INST

Shareholding Quantity of Institutional Investors/Total Shares

Return on Assets

ROA

Net Profit/Total Assets

Book-to-Market Ratio

BM

Book Value/Market Value