Table 1.

Variable description.

Category of variables	Variable name	Variable symbol	Description	Unit	Source
Explained variable	Enterprises' investment in fulfilling their social responsibility for targeted poverty alleviation	PVAIit	The logarithm of the scale of enterprises' targeted poverty alleviation investment plus one	Log	CSMAR
	Effectiveness of enterprises in fulfilling their social responsibility for targeted poverty alleviation	PVAIit*	The logarithm of helping building file cards of the number of poor people lifted out of poverty plus one	Log	CSMAR
Explanatory variables	Corporate Sustainable Value Creation	CVit	(Net Profit/Average Balance of Total Owners' Equity) * [1 - Dividend per Share Before Taxes/(Net Profit in Current Period/Average Balance of Paid-in Capital)]	Percent	CSMAR
Moderating Variable	Corporate Internal Governance Control	IGCit	Logarithm of Corporate Internal Control index based on COSO Framework (1994)	Log	CSMAR
Control variables	Investment opportunities	Tobinsqit	Tobin'Q value	Percent	CSMAR
	Financial leverage	Levit	Asset-liability ratio	Percent	CSMAR
	Firm size	Sizeit	Natural logarithm of total assets	Ln	CSMAR
	Business performance	PERit	Price earnings ratio	Percent	CSMAR
	Corporate Liquidity	Liquidityit	Yearly Turnover (Total Shares)	Percent	CSMAR
	Shareholding of the largest shareholder	OWNit	Shareholding of the largest shareholder	Percent	CSMAR
	Corporate Financialization Level	FZNit	(Trading financial assets + derivative financial assets + long-term equity investment + investment real estate + held-to-maturity investment)/total assets	Percent	CSMAR
	Board size	BSit	Total number of directors	People	CSMAR
	Average age of directors	ABDAit	Average age of board of directors.	Age	CSMAR
	Female Board of Directors Ratio	FBDit	Ratio of female directors to total number of board of directors.	Percent	CSMAR
	Market Power of a firm	Lernerit	Logarithm of Lerner Index of an Individual Stock (percentage markup of price above marginal cost)	Percent	CSMAR
	Firm Nature	Fnature	Dummy variable if stat-owned firms = 1, 0 otherwise.	Binary	CSMAR
	Industry fixed effect	Indi	Dummy variable for an industry	Binary
	Firm fixed effect	${\mu }_i$	Dummy variable for a firm	Binary
	Year fixed effect	Yt	Annual Dummy Variable	Binary
	Province fixed effect	${\eta }_i$	Dummy variable for a province	Binary