. 2023 Apr 11;9(4):e15329. doi: 10.1016/j.heliyon.2023.e15329

Table 2.

Definition of main variables.

Variable Type	Variable Name	Variable abbreviation	Variable Definition
Explained variables	Stock Liquidity	$i l l i q_y$	Amihud indicator, which measures stock liquidity, is sourced from the China Stock Market Accounting Research database and is calculated as in equation (1)
Explanatory variables	Forward-looking statement disclosure levels	$F L S 200$	Forward-looking statement disclosure level, the ratio of forward-looking keyword word frequency to the total number of words in the FLS chapter in that year, calculated as in equation (2)
Control variables	Percentage of shareholding of the largest shareholder	$S h r c r 1$	Shareholding ratio of the first largest shareholder, the number of shares held by the first largest shareholder of the enterprise in the year as a percentage of the total number of shares
	Shareholding of institutional investors	$I n s i$	The ratio of the number of shares held by the enterprise's institutional investors to the total number of shares in that year
	Gearing ratio	$L e v$	Gearing ratio, which is the ratio of total liabilities to total assets
	Enterprise Size	$S i z e$	Enterprise size is measured by the enterprise's market capitalization, which is the logarithm of the enterprise's market capitalization at the end of the year
	Reciprocal of stock price	$l n v p r c$	The inverse of the stock price
	Enterprise Age	$A g e$	Enterprise age is the number of years the enterprise has been in existence
	Percentage of independent directors	$P o i d$	Percentage of the number of independent directors to the total number of the enterprise's board of directors for the year
	Stock Return Volatility	$V o l a t$	Volatility of daily stock returns
Intermediate variables	Investor Sentiment	$S e n t i m e n t$	Investor sentiment based on East Money stock bar posts calculated as in equation (3)