Variable definitions
| Variables | Description |
|---|---|
| ESGit | Total ESG score of firm i in year t |
| ENVIRONMENTALit | Environmental sub-score of firm i in year t |
| SOCIALit | Social sub-score of firm i in year t |
| GOVERNANCEit | Governance sub-score of firm i in year t |
| CEO_CONVit | Indicator variable equal to one if the CEO of firm i has been convicted of a crime in year t, otherwise zero |
| CEO_AGEit | The age (in years) of the CEO of firm i in year t |
| CEO_SINGLEit | An indicator variable of one if the CEO of firm i is single in year t, otherwise zero |
| CEO_EDUit | Educational qualification of the CEO of firm i in year t |
| CEO_INCOMEit | Total income of the CEO of firm i in year t |
| BOARD_CONVit | The percentage of convicted board members in firm i in year t |
| BOARD_AGEit | The average age (in years) of the board members of firm i in year t |
| BOARD_SINGLEit | Percentage of single board members of firm i in year t |
| BOARD_EDUit | The average educational qualification of the board members of firm i in year t |
| BOARD_INCOMEit | The average total income of the board members of firm i in year t |
| CEO_MALEit | An indicator variable equal to one if the CEO of firm i in year t is male, otherwise zero |
| BOARD_MALEit | Percentage of male board members of firm i in year t |
| CEO_BUS_DEGit | An indicator variable equal to one if the CEO of firm i has a business degree in year t, otherwise zero |
| BOARD_BUS_DEGit | Percentage of board members having a business degree of firm i in year t |
| SIZEit | The logarithm of total assets of firm i in year t |
| EQUITYit | Shareholders’ equity divided by the total asset of firm i in year t |
| ROAit | Return on assets, defined as net income divided by total assets of firm i in year t |
| Variables | Description |
|---|---|
| Total ESG score of firm | |
| Environmental sub-score of firm | |
| Social sub-score of firm | |
| Governance sub-score of firm | |
| Indicator variable equal to one if the CEO of firm | |
| The age (in years) of the CEO of firm | |
| An indicator variable of one if the CEO of firm | |
| Educational qualification of the CEO of firm | |
| Total income of the CEO of firm | |
| The percentage of convicted board members in firm | |
| The average age (in years) of the board members of firm | |
| Percentage of single board members of firm | |
| The average educational qualification of the board members of firm | |
| The average total income of the board members of firm | |
| An indicator variable equal to one if the CEO of firm | |
| Percentage of male board members of firm | |
| An indicator variable equal to one if the CEO of firm | |
| Percentage of board members having a business degree of firm | |
| The logarithm of total assets of firm | |
| Shareholders’ equity divided by the total asset of firm | |
| Return on assets, defined as net income divided by total assets of firm |
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