Table 2. Summary statistics Variable...

Table 2.

Summary statistics

Variable	Mean	Median	SD	Min	Max
ESG controversy score (ESGC)	12.8550	0.0000	26.4586	0.0000	99.4900
Firm-level political risk (PRisk)	0.8906	0.6334	0.8822	0.0000	7.2726
Market-to-book ratio (MTB)	2.2010	1.5374	2.0534	0.2546	13.9320
Financial leverage (LEV)	0.2402	0.2300	0.1793	0.0000	0.8519
Research and development (RD)	0.0567	0.0245	0.0858	0.0000	0.5388
Return on assets (ROA)	0.0228	0.0466	0.1426	−0.7797	0.3227
Capital expenditure (CAPX)	3.8495	2.9852	3.2611	0.0257	33.7268
Firm size (SIZE)	15.5475	15.5148	1.6532	11.4140	19.4316
Cashflow volatility (CashVOLT)	0.0520	0.0295	0.0816	0.0022	0.6861
Stock volatility (StockVOLT)	5.0542	5.0226	0.4231	4.0967	6.2967
Natural logarithm of board size (BSIZE)	1.4853	1.5138	0.1750	0.1916	1.9007
Gross domestic product (GDP)	2.2825	2.3026	0.2965	1.0986	3.2958
Inflation (INF)	17.4908	16.6700	12.2121	0.0000	56.2500
Unemployment (UNEMP)	3.0891	0.9498	22.7907	0.1646	846.1912
Control of corruption (CoC)	0.9995	1.5404	2.7212	−11.3557	7.6857
Government effectiveness (GOVEF)	1.8207	1.7939	1.2787	−2.3140	8.1533
Regulatory quality (REGQ)	5.8514	5.3500	2.0137	2.3500	12.6800
Economic policy uncertainty (EPU)	1.3934	1.3404	0.2868	0.0060	2.0619

Variable	Mean	Median	SD	Min	Max
ESG controversy score (ESGC)	12.8550	0.0000	26.4586	0.0000	99.4900
Firm-level political risk (PRisk)	0.8906	0.6334	0.8822	0.0000	7.2726
Market-to-book ratio (MTB)	2.2010	1.5374	2.0534	0.2546	13.9320
Financial leverage (LEV)	0.2402	0.2300	0.1793	0.0000	0.8519
Research and development (RD)	0.0567	0.0245	0.0858	0.0000	0.5388
Return on assets (ROA)	0.0228	0.0466	0.1426	−0.7797	0.3227
Capital expenditure (CAPX)	3.8495	2.9852	3.2611	0.0257	33.7268
Firm size (SIZE)	15.5475	15.5148	1.6532	11.4140	19.4316
Cashflow volatility (CashVOLT)	0.0520	0.0295	0.0816	0.0022	0.6861
Stock volatility (StockVOLT)	5.0542	5.0226	0.4231	4.0967	6.2967
Natural logarithm of board size (BSIZE)	1.4853	1.5138	0.1750	0.1916	1.9007
Gross domestic product (GDP)	2.2825	2.3026	0.2965	1.0986	3.2958
Inflation (INF)	17.4908	16.6700	12.2121	0.0000	56.2500
Unemployment (UNEMP)	3.0891	0.9498	22.7907	0.1646	846.1912
Control of corruption (CoC)	0.9995	1.5404	2.7212	−11.3557	7.6857
Government effectiveness (GOVEF)	1.8207	1.7939	1.2787	−2.3140	8.1533
Regulatory quality (REGQ)	5.8514	5.3500	2.0137	2.3500	12.6800
Economic policy uncertainty (EPU)	1.3934	1.3404	0.2868	0.0060	2.0619

Note(s):

This table reports the summary statistics of the variables used in the baseline model over the period from 2002 to 2021. Specifically, the table summarises the mean, median, standard deviation, minimum and maximum values of the dependent, independent and control variables. The definitions of variables are shown in Appendix 1

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