3.2.4. Control Variables

Both the influence on *RE* and TIE should be considered while selecting control variables. *AT*, *HHI*, *FDI*, *FS*, *LEV*, and *PPE* are used as control variables in this study (Hille et al., 2020) [57]. The definitions of variables, statistical descriptions of the variables, and correlation analyses are shown in Tables 1–3, respectively.




**Table 2.** Descriptive statistics of variables.

**Table 3.** Correlation analysis of variables.


Note: \*\*\* *p* < 0.01, \*\* *p* < 0.05, \* *p* < 0.1.
