Table 1 Description of variables Name... | Emerald Publishing

Table 1

Description of variables

Name	Symbol	Description
CEO compensation	CEO_comp	Natural log of the (salary + bonus + perquisites)paid to the CEO
Financial distress	Zscore	Z-Score = 1.2X1+1.4X2+3.3X3+0.6X4+1.0X5
Financial distress	Zscore	Where X1 = net working capital/total assets, X2 = retained earnings/total assets, X3 = EBIT/total assets, X4 = market value of equity/book value of debt, X5 = sales revue/total assets (Altman, 1968)
Corporate social responsibility	CSR_ratio	The ratio of firms’ spending to charitable donations, employee welfare, and research and development to net income of the respective firm
Firm Size	Fsize	Log of total assets
Leverage	Lev	Total debt/Total assets
Sales growth	Sgth	Percentage of change in revenue from year t-1 to year t
Asset tangibility	Tang	The ratio of fixed assets to total assets
Cash and Cash Equivalence	Slack	The ratio of cash and cash equivalence to total assets

Name	Symbol	Description
CEO compensation	CEO_comp	Natural log of the (salary + bonus + perquisites)paid to the CEO
Financial distress	Zscore	Z-Score = 1.2X1+1.4X2+3.3X3+0.6X4+1.0X5
Financial distress	Zscore	Where X1 = net working capital/total assets, X2 = retained earnings/total assets, X3 = EBIT/total assets, X4 = market value of equity/book value of debt, X5 = sales revue/total assets (Altman, 1968)
Corporate social responsibility	CSR_ratio	The ratio of firms’ spending to charitable donations, employee welfare, and research and development to net income of the respective firm
Firm Size	Fsize	Log of total assets
Leverage	Lev	Total debt/Total assets
Sales growth	Sgth	Percentage of change in revenue from year t-1 to year t
Asset tangibility	Tang	The ratio of fixed assets to total assets
Cash and Cash Equivalence	Slack	The ratio of cash and cash equivalence to total assets

Note(s): Values were calculated based on firm balance sheet information

Source(s): Author’s own work