Table 2 Model variable description.
Variable | Metric | Symbol | Remarks |
|---|---|---|---|
explained variable | Tobin’s Q value | Q | Market value/A total assets |
explanatory variable | Equity concentration index 1 (%) | Cr1 | Shareholding ratio of the company’s largest shareholder |
Equity concentration index 3 (%) | Cr3 | Shareholding ratio of the company’s top five shareholders | |
mediating variables | research input | RD | Total R&D investment, taking the natural logarithm |
controlled variable | Enterprise scale | size | The total of each asset item is taken and its natural logarithm is taken |
Enterprise growth | growth | Growth rate of main income | |
Financial leverage | lev | Debt-to-asset ratio = total liabilities/total assets | |
Profitability | roe | Return on equity = net profit/shareholder’s equity |
