Corporate Governance, Agency Costs, and Corporate Sustainable Development: A Mediating Effect Analysis

Table 1

The variables used in the study.

Variable code	Variable name	Variable description
Zscore	Z-scores	The index of corporate sustainable development
EPS	Earnings per share	The ratio of profit after tax to total equity
BS	Board size	The number of directors on the board of directors
IND	Board independence	The number of independent directors
LNSALARY	Management compensation	The natural logarithm of executive salary
DAR	Debt to asset ratio	The ratio of total debt to total assets
TOP	Equity concentration	The proportion of the top ten shareholders
DIVR	Dividend ratio	The ratio of cash dividends to the profit
DIV	Dividend per share	The cash dividends paid by the company divided by the number of shares
MER	Management expense	The ratio of management expenses to operating income
TAT	Total asset turnover	The ratio of the company’s net sales revenue to the average total assets
LNREV	Operating revenue	The natural logarithm of operating revenue
FCF	Free cash flow	The free cash flow (FCF) of the firm
REVGROWTH	Revenue growth rate	The revenue growth rate of the firm
NIGROWTH	Net income growth rate	The net income growth rate of the firm
AGE	Firm age	The number of years since the firm was founded