Operationalisation of variables
| Variable | Operationalisation | Previous studies |
|---|---|---|
| Dependent variables | ||
| Sustainability score | Items reported/total items to be reported | Greiling et al. (2015) and Manes-Rossi et al. (2020) |
| Environmental score | Items reported/total items to be reported | Greiling et al. (2015) and Manes-Rossi et al. (2020) |
| Social score | Items reported/total items to be reported | Greiling et al. (2015) and Manes-Rossi et al. (2020) |
| Independent variables | ||
| Board size | Total number of directors | Abang’a and Tauringana (2024) and Nicolo’ and Andrades‐Peña (2024) |
| Board gender diversity | Proportion of female directors | Argento et al. (2019) and Nicolo’ and Andrades‐Peña (2024) |
| Board independence | Proportion of independent directors | Abang’a and Tauringana (2024) and Elmagrhi et al. (2021) |
| Board meetings | Number of meetings held annually | Abang’a and Tauringana (2024) and Nicolo’ and Andrades‐Peña (2024) |
| Control variables | ||
| SOE size | Natural log of total assets | Abang’a and Tauringana (2024) and Nicolo’ and Andrades‐Peña (2024) |
| Leverage | Total debts/equity | Abang’a and Tauringana (2024) and Nicolo’ and Andrades‐Peña (2024) |
| Profitability | Return on assets | Abang’a and Tauringana (2024) and Nicolo’ and Andrades‐Peña (2024) |
| Firm age (AGE) | Number of years since incorporation | Abang’a and Tauringana (2024) |
| Variable | Operationalisation | Previous studies |
|---|---|---|
| Sustainability score | Items reported/total items to be reported | |
| Environmental score | Items reported/total items to be reported | |
| Social score | Items reported/total items to be reported | |
| Board size | Total number of directors | |
| Board gender diversity | Proportion of female directors | |
| Board independence | Proportion of independent directors | |
| Board meetings | Number of meetings held annually | |
| Natural log of total assets | ||
| Leverage | Total debts/equity | |
| Profitability | Return on assets | |
| Firm age ( | Number of years since incorporation | |
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