Table 2. List of included variables... | Emerald Publishing

Table 2.

List of included variables

Determinants [independent variable(s)]	Sustainability/integrated assuror	Consequences for firm value [dependent variable(s)]
(1) Governance: a) Board composition: • Board monitoring • Board size • Board meeting frequency • Board gender diversity • Board independence • Sustainability board committee (existence, size; environmental experts) • Governance committee (existence and size) • Audit committee (financial expertise, independence and size meeting frequency) • Non-CEO duality • CEO age • CEO tenure • CSO (environmental expert) b) Stakeholder influence: • Block holding • Big Four audit firm as financial auditor • Media visibility • Country governance: c) NFRD effect (headquarter in the EU) • Quality of public institutions; inspection frequency and public authority influence • CSR performance • Code law • Legal enforcement (2) Sustainability determinants: • ESG performance • Sustainability sensitive industry • GRI application level • Existence of integrated report • Sustainability assurance level (reasonable); sustainability assurance statement quality; sustainability assurance coverage (all ESG categories); sustainability assurance on qualitative and quantitative assertions; use of symbols; restricted usage; recommendations; disclosure of procedures used; disclosure of framework used) • Years of sustainability reporting (3) Financial determinants: • Firm size • Profitability • Leverage • Listing	(1) Audit firm (2) Big Four audit firm (3) Financial auditor as sustainability assuror (joint provision) (4) Audit firm plus third party (joint assurance) (5) Other assurance provider (e.g. engineering firm, consulting firm and individual expert)	(1) Sustainability consequences: • CSR performance; ESG controversies score; environmental reputation • Credibility perceptions/reliability of sustainability reports • Environmental and litigation provisions • Sustainability reporting quality (SDG reporting); COVID-19 information in CSR reporting, score); environmental reporting quality • Integrated reporting quality • Sustainability assurance quality (limited assurance); sustainability assurance statement quality • Dow Jones Sustainability Index (DJSI) inclusion • CSR restatements • CSR investment efficiency (2) Financial consequences: • Financial performance: ROA; (industry) Tobin’s Q; Tobin’s volatility; stock price return, market value of equity • Financial distress probability • Cost of debt; cost of capital • Capital constraints • (nonprofessional) investor financial decision-making; investment decisions • Share price; stock price growth; stock price per share • Analysts’ forecast dispersion/accuracy; analyst coverage • Qualified going concern opinion • Earnings restatements • Earnings persistence • Audit fees

Determinants [independent variable(s)]	Sustainability/integrated assuror	Consequences for firm value[dependent variable(s)]
(1) Governance:a) Board composition:• Board monitoring• Board size• Board meeting frequency• Board gender diversity• Board independence• Sustainability board committee (existence, size; environmental experts)• Governance committee (existence and size)• Audit committee (financial expertise, independence and size meeting frequency)• Non-CEO duality• CEO age• CEO tenure• CSO (environmental expert)b) Stakeholder influence:• Block holding• Big Four audit firm as financial auditor• Media visibility• Country governance:c) NFRD effect (headquarter in the EU)• Quality of public institutions; inspection frequency and public authority influence• CSR performance• Code law• Legal enforcement(2) Sustainability determinants:• ESG performance• Sustainability sensitive industry• GRI application level• Existence of integrated report• Sustainability assurance level (reasonable); sustainability assurance statement quality; sustainability assurance coverage (all ESG categories); sustainability assurance on qualitative and quantitative assertions; use of symbols; restricted usage; recommendations; disclosure of procedures used; disclosure of framework used)• Years of sustainability reporting(3) Financial determinants:• Firm size• Profitability• Leverage• Listing	(1) Audit firm(2) Big Four audit firm(3) Financial auditor as sustainability assuror (joint provision)(4) Audit firm plus third party (joint assurance)(5) Other assurance provider (e.g. engineering firm, consulting firm and individual expert)	(1) Sustainability consequences:• CSR performance; ESG controversies score; environmental reputation• Credibility perceptions/reliability of sustainability reports• Environmental and litigation provisions• Sustainability reporting quality (SDG reporting); COVID-19 information in CSR reporting, score); environmental reporting quality• Integrated reporting quality• Sustainability assurance quality (limited assurance); sustainability assurance statement quality• Dow Jones Sustainability Index (DJSI) inclusion• CSR restatements• CSR investment efficiency(2) Financial consequences:• Financial performance: ROA; (industry) Tobin’s Q; Tobin’s volatility; stock price return, market value of equity• Financial distress probability• Cost of debt; cost of capital• Capital constraints• (nonprofessional) investor financial decision-making; investment decisions• Share price; stock price growth; stock price per share• Analysts’ forecast dispersion/accuracy; analyst coverage• Qualified going concern opinion• Earnings restatements• Earnings persistence• Audit fees

Source(s): Table by author