臺大管理論叢 NTU Management Review VOL.30 NO.2

333 NTU Management Review Vol. 30 No. 2 Aug. 2020 Appendix A Variable De fi nitions Variable Definitions IN income before taxes is calculated as income before taxes, scaled by lagged total assets for period t, t+1, and t+2 D_FV a dummy variable that equals 1 if the firm measures its investment properties based on the fair value model, and 0 otherwise IP the value of investment property scaled by lagged total assets SIZE log of total assets LEV the debt-to-total assets ratio, a dummy variable equals 1 if the firm i debt ratio in the year t is more than the median of the sample firms, and 0 otherwise MB ratio of the market value of equity-to-book value of equity STATE percentage of state-owned shares APP a dummy variable equal to 1 if the estimate value of investment property of firm i is monitored by an external appraiser, and 0 otherwise SUM_FV accumulated changes in the fair value of investment properties INST percentage of shares held by institutional investors INDE percentage of independent directors on the board BIG4 an indicator equal to 1 if the firm is audited by a Big 4 CPA firm, and 0 otherwise HK_LIST an indicator variable equal to 1 if firm i is cross-listed on the Hong Kong stock exchange at year t , and 0 otherwise