Table A1 Variable descriptions Variable...

Table A1

Variable descriptions

Variable	Definitions	Source	Key literature
Panel A: Corporate Environmental Performance and NFP positions
CEP	Environmental performance score ranging from 0–100	EIKON	Clarkson et al. (2011)
CEOBEN	Discrete count variable representing NFP positions held by a CEO of a firm in a year	Hand-collected	Weerasinghe et al. (2024)
BOARDBEN	Percentage of the board holding NFP positions (at least one position) in a year	Hand-collected	Weerasinghe et al. (2024)
LAG_BBENIV	One-year lagged values of board benevolence	Calculated	–
PRED_BBEN	Predicted values of board benevolence in the 2SLS regression	Estimated	–
Panel B: Firm Characteristics
ROE	Return on equity	Morningstar	Biswas et al. (2018), Clarkson et al. (2011), de Villiers et al. (2022), Hollindale et al. (2019), Lin et al. (2022)
LNCAPEX	Natural logarithm of capital expenditure/operating revenue	Morningstar
LEV	Ratio of total liabilities to total capital	Morningstar
LNTA	Natural logarithm of the sum of total assets	Morningstar
FAGE	The number of years listed in ASX	Morningstar
MBV	Market value/common shareholder equity	Morningstar
Panel C: Corporate Governance Characteristics
BDIND	Percentage of independent directors on the board	EIKON	Biswas et al. (2018), de Villiers et al. (2022), Walls et al. (2012)
BDSIZE	The total number of board members at the end of the fiscal year	EIKON
BDDIV	Percentage of women directors on the board	EIKON
Panel D: CEO Characteristics
CEODUA	Binary variable, equal to 1 if the CEO is also the Chair and 0 otherwise	EIKON	Biswas et al. (2018), de Villiers et al. (2022), Walls et al. (2012)
CEOGEN	Binary variable, equal to 1 if CEO is woman and 0 otherwise	Connect4
CEOTEN	The number of years a CEO has been the CEO	Connect4

Variable	Definitions	Source	Key literature
Panel A: Corporate Environmental Performance and NFP positions
CEP	Environmental performance score ranging from 0–100	EIKON	Clarkson et al. (2011)
CEOBEN	Discrete count variable representing NFP positions held by a CEO of a firm in a year	Hand-collected	Weerasinghe et al. (2024)
BOARDBEN	Percentage of the board holding NFP positions (at least one position) in a year	Hand-collected	Weerasinghe et al. (2024)
LAG_BBENIV	One-year lagged values of board benevolence	Calculated	–
PRED_BBEN	Predicted values of board benevolence in the 2SLS regression	Estimated	–
Panel B: Firm Characteristics
ROE	Return on equity	Morningstar	Biswas et al. (2018), Clarkson et al. (2011), de Villiers et al. (2022), Hollindale et al. (2019), Lin et al. (2022)
LNCAPEX	Natural logarithm of capital expenditure/operating revenue	Morningstar
LEV	Ratio of total liabilities to total capital	Morningstar
LNTA	Natural logarithm of the sum of total assets	Morningstar
FAGE	The number of years listed in ASX	Morningstar
MBV	Market value/common shareholder equity	Morningstar
Panel C: Corporate Governance Characteristics
BDIND	Percentage of independent directors on the board	EIKON	Biswas et al. (2018), de Villiers et al. (2022), Walls et al. (2012)
BDSIZE	The total number of board members at the end of the fiscal year	EIKON
BDDIV	Percentage of women directors on the board	EIKON
Panel D: CEO Characteristics
CEODUA	Binary variable, equal to 1 if the CEO is also the Chair and 0 otherwise	EIKON	Biswas et al. (2018), de Villiers et al. (2022), Walls et al. (2012)
CEOGEN	Binary variable, equal to 1 if CEO is woman and 0 otherwise	Connect4
CEOTEN	The number of years a CEO has been the CEO	Connect4

Source(s): Authors’ own work

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