Variable definitions
| Variable | Definitions |
|---|---|
| Tfp | Residuals calculated in model (1) |
| Interact | Taking the natural logarithm after the total number of responses from companies each year plus one |
| Size | Natural logarithm of total assets |
| Lev | Total liabilities/total assets |
| Roa | Net income/total assets |
| Cfo | Operating cash flow/total assets |
| PB | Price per share/net assets per share |
| Exfin | Long-term debt/net fixed assets |
| Top1 | Percentage of shares held by the first largest shareholder |
| Indep | Number of independent directors/number of board of directors |
| Board | Natural logarithm of the number of board members |
| Exeshare | Percentage of shares held by the executives |
| Exepay | Natural logarithm of the total compensation of the top three executives |
| Audit | Indicator variable that is 1 if the audit opinion in that year is unqualified opinion, and 0 otherwise |
| Commun | Indicator variable that is 1 if the degree of interaction between investors and enterprises on the interactive platforms is higher than the median of the whole sample, and 0 otherwise |
| Word | Taking the natural logarithm after the total number of words in the company's replies to investors each year plus one |
| Time | Firstly, capture the date of each investor's question and the date of corporate response; secondly, calculate the difference between the two dates and add up the date difference at the firm-annual level; lastly, divide the total date difference by the number of corporate responses in the year to calculate the average time lag of the replies in that year |
| SA | SA index. See footnote 6 for detailed definitions |
| RD | R&D investment/total assets |
| Others | Mean of the degree of interaction between other companies in the industry and investors during the year |
| NewTFP | Modified TFP by performing an auto-correlation function |
| QA | Taking the natural logarithm after the sum of the annual number of questions and the number of replies plus one to redefine the interaction index |
| Inst | Indicator variable that is 1 if the percentage of shares held by the institutional investors is higher than the median of the whole sample, and 0 otherwise |
| Analyst | Indicator variable that is 1 if the number of analysts who track the enterprise is higher than the median of the whole sample, and 0 otherwise |
| AC | Indicator variable that is 1 if the agency cost is higher than the median of the whole sample, and 0 otherwise |
| High_tech | Indicator variable that is 1 if the enterprise in that year is recognized as a high-tech enterprise, and 0 otherwise |
| IP | Indicator variable that is 1 if the enterprise in that year is supported by industrial policy, and 0 otherwise |
| Variable | Definitions |
|---|---|
| Residuals calculated in model (1) | |
| Taking the natural logarithm after the total number of responses from companies each year plus one | |
| Natural logarithm of total assets | |
| Total liabilities/total assets | |
| Net income/total assets | |
| Operating cash flow/total assets | |
| Price per share/net assets per share | |
| Long-term debt/net fixed assets | |
| Percentage of shares held by the first largest shareholder | |
| Number of independent directors/number of board of directors | |
| Natural logarithm of the number of board members | |
| Percentage of shares held by the executives | |
| Natural logarithm of the total compensation of the top three executives | |
| Indicator variable that is 1 if the audit opinion in that year is unqualified opinion, and 0 otherwise | |
| Indicator variable that is 1 if the degree of interaction between investors and enterprises on the interactive platforms is higher than the median of the whole sample, and 0 otherwise | |
| Taking the natural logarithm after the total number of words in the company's replies to investors each year plus one | |
| Firstly, capture the date of each investor's question and the date of corporate response; secondly, calculate the difference between the two dates and add up the date difference at the firm-annual level; lastly, divide the total date difference by the number of corporate responses in the year to calculate the average time lag of the replies in that year | |
| SA index. See footnote 6 for detailed definitions | |
| R&D investment/total assets | |
| Mean of the degree of interaction between other companies in the industry and investors during the year | |
| Modified TFP by performing an auto-correlation function | |
| Taking the natural logarithm after the sum of the annual number of questions and the number of replies plus one to redefine the interaction index | |
| Indicator variable that is 1 if the percentage of shares held by the institutional investors is higher than the median of the whole sample, and 0 otherwise | |
| Indicator variable that is 1 if the number of analysts who track the enterprise is higher than the median of the whole sample, and 0 otherwise | |
| Indicator variable that is 1 if the agency cost is higher than the median of the whole sample, and 0 otherwise | |
| Indicator variable that is 1 if the enterprise in that year is recognized as a high-tech enterprise, and 0 otherwise | |
| Indicator variable that is 1 if the enterprise in that year is supported by industrial policy, and 0 otherwise |
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