Variables definitions
| Variable name | Definition |
|---|---|
| Dependent variables | |
| FTShare | Ratio of FinTech keywords to the total word count in the annual report |
| FTShare_Tech | Ratio of keywords related to technological application to the total word count in the annual report |
| FTShare_Business | Ratio of keywords related to business innovation to the total word count in the annual report |
| lnFTFreq | The natural logarithm of one plus the frequency of FinTech keywords in the annual report |
| FTShare1 | Ratio of FinTech keywords using alternative lexicons to the total word count in the annual report |
| Independent variables | |
| BoardOverseaRatio | Number of directors with overseas experience/total board size |
| BoardOverseaNum | Count of directors with overseas experience |
| OverseaIndepRatio | Number of independent directors with overseas experience/total board size |
| OverseaNonIndepRatio | Number of non-independent directors with overseas experience/total board size |
| OverseaEduRatio | Number of directors with overseas education experience/total board size |
| OverseaWorkRatio | Number of directors with overseas work experience/total board size |
| Oversea_Dummy | Equals 1 if at least one director with overseas experience on the board and 0 otherwise |
| Treat_Oversea | Equals 1 if a firm’s proportion of directors with overseas experience is above the sample average and 0 otherwise |
| Other variables | |
| lnSize | The natural logarithm of total assets at year-end |
| Leverage | Total liabilities/total assets |
| ROE | Net profit/average shareholders’ equity |
| lnFirmAge | The natural logarithm of number of years from the time the firm was established |
| SOE | Equals 1 if ultimate controller is state-owned, else 0 |
| IndepDirRatio | Number of independent directors/total board size |
| lnBoardAgeAvg | The natural logarithm of average age of board members |
| lnMtgFreq | The natural logarithm of number of board meetings per year |
| Duality | Equals 1 if chairperson and CEO are the same person, else 0 |
| TopTenHoldersRate | The proportion of shares held by the top ten shareholders |
| BRITISH | Dummy variable equals 1 if a firm is headquartered in a city that was a British concession or leased territory during the late Qing dynasty and 0 otherwise. |
| Christian_College | The number of colleges established by Christian missionaries in the provinces by 1920 |
| Variable name | Definition |
|---|---|
| Ratio of FinTech keywords to the total word count in the annual report | |
| Ratio of keywords related to technological application to the total word count in the annual report | |
| Ratio of keywords related to business innovation to the total word count in the annual report | |
| The natural logarithm of one plus the frequency of FinTech keywords in the annual report | |
| Ratio of FinTech keywords using alternative lexicons to the total word count in the annual report | |
| Number of directors with overseas experience/total board size | |
| Count of directors with overseas experience | |
| Number of independent directors with overseas experience/total board size | |
| Number of non-independent directors with overseas experience/total board size | |
| Number of directors with overseas education experience/total board size | |
| Number of directors with overseas work experience/total board size | |
| Equals 1 if at least one director with overseas experience on the board and 0 otherwise | |
| Equals 1 if a firm’s proportion of directors with overseas experience is above the sample average and 0 otherwise | |
| The natural logarithm of total assets at year-end | |
| Total liabilities/total assets | |
| Net profit/average shareholders’ equity | |
| The natural logarithm of number of years from the time the firm was established | |
| Equals 1 if ultimate controller is state-owned, else 0 | |
| Number of independent directors/total board size | |
| The natural logarithm of average age of board members | |
| The natural logarithm of number of board meetings per year | |
| Equals 1 if chairperson and | |
| The proportion of shares held by the top ten shareholders | |
| Dummy variable equals 1 if a firm is headquartered in a city that was a British concession or leased territory during the late Qing dynasty and 0 otherwise. | |
| The number of colleges established by Christian missionaries in the provinces by 1920 |
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