Table 3 Description of variables and... | Emerald Publishing

Table 3

Description of variables and measurement

Variable	Description	Measurement	Source	Previous studies
Dependent variable
CEDisc	CE-related disclosure	Unweighted sum of 12 environmental items disclosed by companies, assigning value 1 when the company does present information on that environmental aspect and 0 otherwise	Eikon	Gallego‐Alvarez et al., 2017; Du et al., 2010; Kolk and Pinkse, 2010; Chen and Bouvain, 2009
Independent variable
BoGenDiv	Board gender diversity	Percentage of female on the board	Eikon	Pozzoli et al., 2023; Lepore and Pisano, 2023; Raimo et al., 2022; Vitolla et al., 2023; Liao et al., 2015
Moderating variable
ESGContr	ESG controversies	100 minus the ESG Controversy Score, that is calculated based on 23 ESG controversy topics	Eikon	D’Amore et al., 2024; Passas et al., 2022; Schiemann and Tietmeyer, 2022
Interaction term
BoGenDiv * ESGContr	Interaction term	Two ways interaction term obtained by multiplying the BoGenDiv and ESGContr	Eikon
Control variables
Profit	Profit	Return on Assets	Eikon	Pozzoli et al., 2023; Raimo et al., 2022; Ayman et al., 2019
Lev	Leverage	Long-term debt divided by total assets	Eikon	Pozzoli et al., 2023; Lepore and Pisano, 2023; Chan et al., 2013
FirmSize	Firm size	Natural logarithm of total assets	Eikon	Lepore and Pisano, 2023; Vitolla et al., 2023; Michelon and Parbonetti, 2012
BoTen	Board tenure	Average number of years each board member has been on the board	Eikon	Katmon et al., 2019; Shiah-Hou, 2021
BoMeet	Board meetings	Number of board meetings during the year	Eikon	D’Amore et al., 2024; Lepore and Pisano, 2023
BoSize	Board size	Total number of board members at the end of the fiscal year	Eikon	Khan, 2021; Nicolò et al., 2022; Raimo et al., 2022; Aladwey, 2021; Vairavan and Zhang, 2020; Assenga et al., 2018
BoInd	Board independence	Percentage of independent directors on the board	Eikon	Lepore et al., 2022; Garcia-Sanchez et al., 2014; Vitolla et al., 2023; Assenga et al., 2018; Michelon and Parbonetti, 2012

Variable	Description	Measurement	Source	Previous studies
Dependent variable
CEDisc	CE-related disclosure	Unweighted sum of 12 environmental items disclosed by companies, assigning value 1 when the company does present information on that environmental aspect and 0 otherwise	Eikon	Gallego‐Alvarez et al., 2017; Du et al., 2010; Kolk and Pinkse, 2010; Chen and Bouvain, 2009
Independent variable
BoGenDiv	Board gender diversity	Percentage of female on the board	Eikon	Pozzoli et al., 2023; Lepore and Pisano, 2023; Raimo et al., 2022; Vitolla et al., 2023; Liao et al., 2015
Moderating variable
ESGContr	ESG controversies	100 minus the ESG Controversy Score, that is calculated based on 23 ESG controversy topics	Eikon	D’Amore et al., 2024; Passas et al., 2022; Schiemann and Tietmeyer, 2022
Interaction term
BoGenDiv *ESGContr	Interaction term	Two ways interaction term obtained by multiplying the BoGenDiv and ESGContr	Eikon
Control variables
Profit	Profit	Return on Assets	Eikon	Pozzoli et al., 2023; Raimo et al., 2022; Ayman et al., 2019
Lev	Leverage	Long-term debt divided by total assets	Eikon	Pozzoli et al., 2023; Lepore and Pisano, 2023; Chan et al., 2013
FirmSize	Firm size	Natural logarithm of total assets	Eikon	Lepore and Pisano, 2023; Vitolla et al., 2023; Michelon and Parbonetti, 2012
BoTen	Board tenure	Average number of years each board member has been on the board	Eikon	Katmon et al., 2019; Shiah-Hou, 2021
BoMeet	Board meetings	Number of board meetings during the year	Eikon	D’Amore et al., 2024; Lepore and Pisano, 2023
BoSize	Board size	Total number of board members at the end of the fiscal year	Eikon	Khan, 2021; Nicolò et al., 2022; Raimo et al., 2022; Aladwey, 2021; Vairavan and Zhang, 2020; Assenga et al., 2018
BoInd	Board independence	Percentage of independent directors on the board	Eikon	Lepore et al., 2022; Garcia-Sanchez et al., 2014; Vitolla et al., 2023; Assenga et al., 2018; Michelon and Parbonetti, 2012

Source(s): Developed by authors