Table 1 Definition and calculation of main variables.
Variable name | Symbol | Variable calculation |
|---|---|---|
New quality productivity | NQP | Calculated using entropy weight method |
Firm size | size | ln(Total assets) |
Operating revenue | sale | ln(Operating revenue) |
Cash flow | cflow | Net cash flow from operating activities / Total assets |
Firm age | age | ln(Year of establishment + 1) |
Growth capability | growth | (Current operating revenue - Previous operating revenue) / Previous operating revenue |
Ownership structure | top10 | Shareholding ratio of the top 10 shareholders |
Return on assets | roa | Net assets / Total assets |
Debt-to-asset ratio | lev | Total liabilities / Total assets |
