Table 2 Variable definitions for control variables.
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 |