Variables	Explanations
EID	=1, if the company discloses environmental information; =0 otherwise.
MBA education background	The number of top managers with MBA educational background divided by the number of the top management team.
Law education background	The number of top managers with legal educational background divided by the number of the top management team.
Age	Logarithm based on the average age of top management team.
Environmental performance	Logarithm is taken after the number of green technology patents plus 1
Listing location	=1, if listed on Shanghai Stock Exchange; =0, otherwise.
Company size	Takes the logarithm of the value of the year-end book assets (million yuan)
Proportion of the largest shareholder	The total number of shares held by the largest shareholder divided by total number of shares released.
State ownership	=1, if the largest shareholder is a state-owned company; =0, otherwise.
Board size	Logarithm of board member numbers
CEO duality	=1, if the Chairman of the company is also the CEO; =0, otherwise.