Category | Variable | Symbol | Formula |
---|---|---|---|
Independent variables | M&A information | MA | 1 in the case of an M&A, 0 otherwise |
Economic value added rate | EVAR | EVAR (Economic Value Added Rate) = Economic Value Added/Invested Capital = (Net Profit–Cost of Capital)/Invested Capital | |
Control variables | Capacity development | GR | Growth Rate of Operating Revenue |
Profit | NP | Net Profit | |
Relative value index | BTMR | Book-to-market Ratio | |
Discount rate | CEDR | Capital Expenditure and Depreciation and Amortization Ratio | |
Mediator | Number of board meetings | CG | Â |
Dependent variables | Whether the enterprise discharges a key pollutant | EP | 1 if yes, 0 otherwise |
Long-term accounts payable | EC | Â | |
Whether there is an independent corporate social responsibility report | CSR | 1 if yes, 0 otherwise | |
Total energy consumption | GF | Â | |
Research and development expenditure | RD | Â |