| FREQUENCY |
: |
A binary code which equal to 1if the frequency of share repurchases is 3 or more times in a 5-year period, otherwise the code is 0. |
| REPURCHASE |
: |
The total number of repurchase shares scaled by the number of outstanding ordinary shares. |
| TOTDIR |
: |
Total number of directors. |
| EXECDIR |
: |
Percentage of executive directors serving on the board of directors. |
| INDDIR |
: |
The percentage of an independent board of directors serving on the board. |
| CDIR |
: |
The number of Chinese directors serving on the board of directors. |
| CEPS |
: |
A measure of performance. It is the change of earnings per share calculated as earnings per share minus “as if earnings per share”. “As if earnings per share” is calculated assuming share repurchases have not occurred previously. |
| SIZE |
: |
The size of the company i at time t, measured by the natural log of total assets. |
| E |
: |
The error term. |
