“…To reduce the influence of other factors on the results, the following control variables were also selected based on the existing literature [6,8,9,35]: enterprise nature (Soe), enter-prise size (Size), proportion of independent directors (In_rate), management shareholding ratio (Manger_rate), enterprise age (Age), separation of two positions (Dua), shareholding ratio of the largest shareholder (Crl), year dummy variables (Year), and industry dummy variables (Ind). The specific variables are defined in Table 3.…”