Summary statistics
| Variable | Mean | Median | Min | Max | SD |
|---|---|---|---|---|---|
| Amihud’s illiquidity | 0.000018 | 0.000001 | 0.000000 | 0.000935 | 0.000070 |
| Zero return | 0.082 | 0.060 | 0.000 | 0.579 | 0.080 |
| Turnover | 1.069 | 0.906 | 0.017 | 14.546 | 0.891 |
| ESG size | 3.919 | 4.000 | 1.000 | 10.000 | 1.349 |
| ESG independence | 0.879 | 1.000 | 0.000 | 1.000 | 0.183 |
| ESG meetings | 3.649 | 4.000 | 0.000 | 10.000 | 1.310 |
| ESG attendance | 0.961 | 1.000 | 0.000 | 1.000 | 0.089 |
| ESG average age | 60.624 | 60.938 | 43.000 | 76.000 | 5.047 |
| ESG board chair | 0.354 | 0.000 | 0.000 | 1.000 | |
| ESG female | 0.839 | 1.000 | 0.000 | 3.000 | 0.775 |
| ESG male | 3.167 | 3.000 | 0.000 | 8.000 | 1.330 |
| ESG female chair | 0.219 | 0.000 | 0.000 | 1.000 | |
| ESG interlocking | 2.408 | 2.000 | 0.000 | 7.000 | 1.404 |
| ESG female interlocking | 0.583 | 0.000 | 0.000 | 3.000 | 0.687 |
| ESG male interlocking | 1.931 | 2.000 | 0.000 | 6.000 | 1.219 |
| DA | −0.047 | 0.004 | −44.388 | 42.301 | 3.413 |
| AC Size | 3.947 | 4.000 | 2.000 | 9.000 | 1.039 |
| AudComInd | 0.986 | 1.000 | 0.667 | 1.000 | 0.058 |
| AudComExp | 0.943 | 1.000 | 0.000 | 1.000 | 0.154 |
| AudComMeet | 4.825 | 4.000 | 0.000 | 14.000 | 1.710 |
| AudComAttend | 0.967 | 1.000 | 0.563 | 1.000 | 0.064 |
| BIG4AUD | 0.971 | 1.000 | 0.000 | 1.000 | |
| MktCap ($M) | 9700.000 | 2800.000 | 52.100 | 233000.000 | 27900.000 |
| Institutional investors | 0.676 | 0.753 | 0.007 | 1.000 | 0.297 |
| LEV | 0.444 | 0.435 | 0.007 | 0.994 | 0.187 |
| ROA | 0.036 | 0.054 | −1.663 | 0.294 | 0.151 |
| AGE | 21.125 | 18.000 | 0.000 | 45.000 | 13.014 |
| DPS | 26.464 | 13.000 | 0.000 | 760.430 | 49.229 |
| GRI guidelines | 0.514 | 1.000 | 0.000 | 1.000 | |
| PRICE | 7.665 | 3.845 | 0.030 | 85.470 | 11.323 |
| R_Vol | 0.017 | 0.014 | 0.006 | 0.074 | 0.010 |
| MTB | 2.173 | 1.400 | 0.160 | 211.100 | 8.874 |
| Variable | Mean | Median | Min | Max | SD |
|---|---|---|---|---|---|
| Amihud’s illiquidity | 0.000018 | 0.000001 | 0.000000 | 0.000935 | 0.000070 |
| Zero return | 0.082 | 0.060 | 0.000 | 0.579 | 0.080 |
| Turnover | 1.069 | 0.906 | 0.017 | 14.546 | 0.891 |
| ESG size | 3.919 | 4.000 | 1.000 | 10.000 | 1.349 |
| ESG independence | 0.879 | 1.000 | 0.000 | 1.000 | 0.183 |
| ESG meetings | 3.649 | 4.000 | 0.000 | 10.000 | 1.310 |
| ESG attendance | 0.961 | 1.000 | 0.000 | 1.000 | 0.089 |
| ESG average age | 60.624 | 60.938 | 43.000 | 76.000 | 5.047 |
| ESG board chair | 0.354 | 0.000 | 0.000 | 1.000 | |
| ESG female | 0.839 | 1.000 | 0.000 | 3.000 | 0.775 |
| ESG male | 3.167 | 3.000 | 0.000 | 8.000 | 1.330 |
| ESG female chair | 0.219 | 0.000 | 0.000 | 1.000 | |
| ESG interlocking | 2.408 | 2.000 | 0.000 | 7.000 | 1.404 |
| ESG female interlocking | 0.583 | 0.000 | 0.000 | 3.000 | 0.687 |
| ESG male interlocking | 1.931 | 2.000 | 0.000 | 6.000 | 1.219 |
| DA | −0.047 | 0.004 | −44.388 | 42.301 | 3.413 |
| AC Size | 3.947 | 4.000 | 2.000 | 9.000 | 1.039 |
| AudComInd | 0.986 | 1.000 | 0.667 | 1.000 | 0.058 |
| AudComExp | 0.943 | 1.000 | 0.000 | 1.000 | 0.154 |
| AudComMeet | 4.825 | 4.000 | 0.000 | 14.000 | 1.710 |
| AudComAttend | 0.967 | 1.000 | 0.563 | 1.000 | 0.064 |
| BIG4AUD | 0.971 | 1.000 | 0.000 | 1.000 | |
| MktCap ($M) | 9700.000 | 2800.000 | 52.100 | 233000.000 | 27900.000 |
| Institutional investors | 0.676 | 0.753 | 0.007 | 1.000 | 0.297 |
| LEV | 0.444 | 0.435 | 0.007 | 0.994 | 0.187 |
| ROA | 0.036 | 0.054 | −1.663 | 0.294 | 0.151 |
| AGE | 21.125 | 18.000 | 0.000 | 45.000 | 13.014 |
| DPS | 26.464 | 13.000 | 0.000 | 760.430 | 49.229 |
| GRI guidelines | 0.514 | 1.000 | 0.000 | 1.000 | |
| PRICE | 7.665 | 3.845 | 0.030 | 85.470 | 11.323 |
| R_Vol | 0.017 | 0.014 | 0.006 | 0.074 | 0.010 |
| MTB | 2.173 | 1.400 | 0.160 | 211.100 | 8.874 |
Note(s): Table 2 presents descriptive statistics. Table 1 reports the definitions and measures of variables. Amihud’s Illiquidity is reported to 6 decimal places. The sample size is reduced for the system GMM regressions due to lagged measures of the dependent variable. (N = 590 company-years (104 unique companies) with environmental committees)
Source(s): Authors’ own work
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