Table 4.

Organizational variable definitions.

Type of variable	Variable name	Variable definition
Organization	Manager number	Natural logarithm of the total number of managers
	Education level	The education level of the senior executive team is measured, that is, the value of other degrees is 1, the college degree is 2, 3, and the graduate degree is 4. The sum of the weight of the senior executive team is divided by the total number of people to obtain the average number of the education level of the senior executive team
	Social network	The total number of senior executives working in other enterprises in the corresponding year
	Top ten holders’ rate	Share ratio of the top ten shareholders
	Duality	Duality = 1, non-duality = 0
	IndDirector ratio	The proportion of the number of independent directors to the number of the board of directors
	ROA	Return on assets ROA. (Profit for the year/total assets)
	Lev	The ratio of total liabilities to total assets
	Growth	(Operating income of this year/operating income of last year) − 1
	TobinQ	(Market value of tradable shares + number of non-tradable shares net assets per share + book value of liabilities)/total assets