Descriptive statistics
| Variables | No. obs | Mean | Sd | Min | Max |
|---|---|---|---|---|---|
| CEDisc | 3,761 | 10.97527 | 0.8691981 | 2 | 12 |
| BoGenDiv | 3,761 | 29.12345 | 14.61531 | 0 | 75 |
| ESGContr | 3,761 | 9.830374 | 23.20216 | 0 | 99.32433 |
| BoGenDiv×ESGContr | 3,761 | 272.8161 | 730.4898 | 0 | 5948.617 |
| Profit | 3,761 | 0.0469432 | 0.06708 | −0.5353444 | 0.5572245 |
| Lev | 3,761 | 22.56063 | 1.848947 | 0 | 28.42058 |
| FirmSize | 3,761 | 0.2068527 | 0.1421267 | 0 | 0.8245783 |
| BoTen | 3,761 | 6.13407 | 3.229729 | 0 | 23.16667 |
| BoMeet | 3,761 | 9.403084 | 6.783995 | 0 | 92 |
| BoSize | 3,761 | 11.35974 | 4.448352 | 0 | 34 |
| BoInd | 3,761 | 52.15801 | 27.3296 | 0 | 100 |
| Variables | No. obs | Mean | Sd | Min | Max |
|---|---|---|---|---|---|
| 3,761 | 10.97527 | 0.8691981 | 2 | 12 | |
| 3,761 | 29.12345 | 14.61531 | 0 | 75 | |
| 3,761 | 9.830374 | 23.20216 | 0 | 99.32433 | |
| 3,761 | 272.8161 | 730.4898 | 0 | 5948.617 | |
| 3,761 | 0.0469432 | 0.06708 | −0.5353444 | 0.5572245 | |
| 3,761 | 22.56063 | 1.848947 | 0 | 28.42058 | |
| 3,761 | 0.2068527 | 0.1421267 | 0 | 0.8245783 | |
| 3,761 | 6.13407 | 3.229729 | 0 | 23.16667 | |
| 3,761 | 9.403084 | 6.783995 | 0 | 92 | |
| 3,761 | 11.35974 | 4.448352 | 0 | 34 | |
| 3,761 | 52.15801 | 27.3296 | 0 | 100 |
Note(s): Dependent variable. CEDisc: 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; Independent variable. BoGenDiv: Percentage of female on the board; Moderating variable. ESGContr: 100 minus the ESG Controversy Score, that is calculated based on 23 ESG controversy topics; Interaction term. BoGenDiv * ESGContr: Two ways interaction term obtained by multiplying the BoGenDiv and ESGContr; Control variables. Profit: Return on assets; Lev: Long-term debt divided by total assets; FirmSize: Natural logarithm of total assets; BoTen: Average number of years each board member has been on the board; BoMeet: Number of board meetings during the year; BoSize: Total number of board members at the end of the fiscal year; BoInd: Percentage of independent directors on the board
Source(s): Developed by authors