Definition of main variables
| Variables | Index | Definition |
|---|---|---|
| Media | medianeg | Number of negative articles on the firm from the Wind Database |
| mediapos | Number of positive articles on the firm from the Wind Database | |
| Controv | CEOpay | CEO annual salary |
| Duality | 1 if the CEO is also the chairman; 0 otherwise | |
| Certainty-oriented | CEO-founder | 1 if the CEO is also the founder; 0 otherwise |
| CEOtenHigh | 1 if CEO tenure is above the median of total sample; 0 otherwise | |
| Performance | profit_medIn | 1 if the firm’s profit is above the median of the industry; 0 otherwise |
| Control variables | SIZE | Firm size, the natural logarithm of total assets |
| LEV | Debt-to-assets ratio | |
| EPS | Earnings per share | |
| Ind | Proportion of independent directors in the board | |
| CurAsRa | Liquidity assets divided by total assets | |
| TAturnover | Turnover of total assets |
| Variables | Index | Definition |
|---|---|---|
| Number of negative articles on the firm from the Wind Database | ||
| Number of positive articles on the firm from the Wind Database | ||
| CEO annual salary | ||
| 1 if the CEO is also the chairman; 0 otherwise | ||
| 1 if the CEO is also the founder; 0 otherwise | ||
| 1 if CEO tenure is above the median of total sample; 0 otherwise | ||
| 1 if the firm’s profit is above the median of the industry; 0 otherwise | ||
| Firm size, the natural logarithm of total assets | ||
| Debt-to-assets ratio | ||
| Earnings per share | ||
| Proportion of independent directors in the board | ||
| Liquidity assets divided by total assets | ||
| Turnover of total assets |
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