3.2.4. Control Variables

The following control variables are selected in this study: total assets (Size), fixed assets ratio (Far), Tobin's Q (TQ), return on net assets (Roe), the shareholding ratio of the largest shareholder (Top1), the gearing ratio (Debt), chairman and general manager (Dual), board size (Board), etc. The data were obtained from the CSMAR database. This study also controlled for year and industry fixed effects. Based on this, Table 2 shows the descriptive statistics of the main variables.


#### **Table 2.** Variable definitions.
