Descriptive statistics
| Variables | Mean | Standard deviation overall | Standard deviation between | Standard deviation within | Min | Max |
|---|---|---|---|---|---|---|
| Panel A: dependent variable | ||||||
| EDL | 0.413 | 0.189 | 0.155 | 0.109 | 0 | 0.903 |
| EP | 0.554 | 0.177 | 0.123 | 0.127 | 0 | 0.888 |
| EO | 0.331 | 0.351 | 0.278 | 0.216 | 0 | 1 |
| EPR | 0.408 | 0.222 | 0.181 | 0.130 | 0 | 1 |
| OS | 0.401 | 0.286 | 0.248 | 0.145 | 0 | 0.75 |
| EM | 0.282 | 0.243 | 0.198 | 0.142 | 0 | 1 |
| Panel B: independent and moderator variables | ||||||
| CCP | 0.476 | 0.261 | 0.219 | 0.143 | 0 | 0.988 |
| CG | 0.542 | 0.207 | 0.164 | 0.126 | 0.026 | 0.966 |
| CO2E | 5.268 | 0.919 | 0.876 | 0.297 | 1.790 | 7.844 |
| BSZ | 11.173 | 2.437 | 1.986 | 1.429 | 2 | 23 |
| NBM | 6.037 | 2.622 | 1.606 | 2.080 | 2 | 24 |
| BGD | 0.258 | 0.123 | 0.086 | 0.089 | 0 | 0.75 |
| BIN | 0.739 | 0.096 | 0.078 | 0.055 | 0.421 | 0.944 |
| ACI | 0.919 | 0.139 | 0.104 | 0.093 | 0 | 1 |
| Panel C: control variables – continuous | ||||||
| LV | 0.534 | 0.179 | 0.150 | 0.099 | 0.017 | 1.490 |
| FP | 1.065 | 1.149 | 0.925 | 0.688 | 0.002 | 8.281 |
| CSZ | 9.162 | 0.508 | 0.490 | 0.144 | 7.700 | 10.853 |
| CR | 1.605 | 1.212 | 1.020 | 0.662 | −2.147 | 5.358 |
| Panel D: control variables – dichotomous | ||||||
| 0 | 1 | Company observations | ||||
| Reform | 480 (50%) | 480 (50%) | 960 | |||
| Zscore | 667 (70.5%) | 283 (29.5%) | 960 | |||
| CEO | 843 (87.8%) | 117 (12.2%) | 960 | |||
| CSR | 18 (1.9%) | 942 (98.1%) | 960 | |||
| Variables | Mean | Standard deviation overall | Standard deviation between | Standard deviation within | Min | Max |
|---|---|---|---|---|---|---|
| Panel A: dependent variable | ||||||
| 0.413 | 0.189 | 0.155 | 0.109 | 0 | 0.903 | |
| EP | 0.554 | 0.177 | 0.123 | 0.127 | 0 | 0.888 |
| EO | 0.331 | 0.351 | 0.278 | 0.216 | 0 | 1 |
| EPR | 0.408 | 0.222 | 0.181 | 0.130 | 0 | 1 |
| OS | 0.401 | 0.286 | 0.248 | 0.145 | 0 | 0.75 |
| EM | 0.282 | 0.243 | 0.198 | 0.142 | 0 | 1 |
| Panel B: independent and moderator variables | ||||||
| 0.476 | 0.261 | 0.219 | 0.143 | 0 | 0.988 | |
| 0.542 | 0.207 | 0.164 | 0.126 | 0.026 | 0.966 | |
| CO2E | 5.268 | 0.919 | 0.876 | 0.297 | 1.790 | 7.844 |
| BSZ | 11.173 | 2.437 | 1.986 | 1.429 | 2 | 23 |
| NBM | 6.037 | 2.622 | 1.606 | 2.080 | 2 | 24 |
| BGD | 0.258 | 0.123 | 0.086 | 0.089 | 0 | 0.75 |
| BIN | 0.739 | 0.096 | 0.078 | 0.055 | 0.421 | 0.944 |
| ACI | 0.919 | 0.139 | 0.104 | 0.093 | 0 | 1 |
| Panel C: control variables – continuous | ||||||
| 0.534 | 0.179 | 0.150 | 0.099 | 0.017 | 1.490 | |
| 1.065 | 1.149 | 0.925 | 0.688 | 0.002 | 8.281 | |
| 9.162 | 0.508 | 0.490 | 0.144 | 7.700 | 10.853 | |
| 1.605 | 1.212 | 1.020 | 0.662 | −2.147 | 5.358 | |
| Panel D: control variables – dichotomous | ||||||
| 0 | 1 | Company observations | ||||
| 480 (50%) | 480 (50%) | 960 | ||||
| 667 (70.5%) | 283 (29.5%) | 960 | ||||
| 843 (87.8%) | 117 (12.2%) | 960 | ||||
| 18 (1.9%) | 942 (98.1%) | 960 | ||||
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