Variable definitions
| Variables | Variable names | Definitions |
|---|---|---|
| INV | Corporate investment | Capital expenditure deflated by total assets |
| TOB | Tobin’s Q | Market value of equity plus book value of debt deflated by total assets |
| IND | Board independence | Fraction of independent directors in the board |
| ROA | Firm profitability | Return on assets |
| LEV | Financial leverage | Total liabilities deflated by total assets |
| CAS | Cash holdings | Cash and equivalents deflated by total assets |
| SIZ | Firm size | Natural logarithm of total assets |
| SOE | State-controlled firm | A dummy variable assigned 1 if at least 50% of shares are held by government agencies and 0 otherwise |
| Variables | Variable names | Definitions |
|---|---|---|
| INV | Corporate investment | Capital expenditure deflated by total assets |
| TOB | Tobin’s | Market value of equity plus book value of debt deflated by total assets |
| IND | Board independence | Fraction of independent directors in the board |
| ROA | Firm profitability | Return on assets |
| LEV | Financial leverage | Total liabilities deflated by total assets |
| CAS | Cash holdings | Cash and equivalents deflated by total assets |
| SIZ | Firm size | Natural logarithm of total assets |
| SOE | State-controlled firm | A dummy variable assigned 1 if at least 50% of shares are held by government agencies and 0 otherwise |
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