Table 2. Summary statistics Variables N...

Table 2.

Summary statistics

Variables	N	Mean	Median	SD	Min.	Max.
ESG	514	33.941	32.431	10.441	9.285	69.671
E	514	11.668	5.165	14.151	0	67.019
S	514	20.621	18.516	11.627	0	64.661
G	514	69.316	72.125	11.680	27.785	94.311
Retire	514	0.080	0	0.271	0	1
2017D	514	0.650	1	0.477	0	1
Tobin’s Q	514	1.519	1.187	0.951	0.743	6.850
ROA	514	0.047	0.048	0.064	−0.209	0.232
Tangi	514	0.835	0.935	0.214	0.222	1
Grow	514	0.063	0.055	0.164	−0.480	0.725
Lev	514	0.242	0.238	0.127	0	0.590
Size	514	7.483	7.564	1.189	3.509	9.841
Age	514	2.709	2.89	0.837	0	4.605
Board	514	1.911	1.946	0.193	1.099	2.565
Female	514	0.261	0.250	0.147	0	0.714
Indep	514	0.768	0.800	0.196	0.182	1
InsInvestor	514	0.432	0.422	0.227	0.011	0.959
Ar	514	3.443	3.444	0.826	1	5
SA	514	$- 3.155$	$- 3.217$	0.164	$- 3.323$	$- 2.128$

Variables	N	Mean	Median	SD	Min.	Max.
ESG	514	33.941	32.431	10.441	9.285	69.671
E	514	11.668	5.165	14.151	0	67.019
S	514	20.621	18.516	11.627	0	64.661
G	514	69.316	72.125	11.680	27.785	94.311
Retire	514	0.080	0	0.271	0	1
2017D	514	0.650	1	0.477	0	1
Tobin’s Q	514	1.519	1.187	0.951	0.743	6.850
ROA	514	0.047	0.048	0.064	−0.209	0.232
Tangi	514	0.835	0.935	0.214	0.222	1
Grow	514	0.063	0.055	0.164	−0.480	0.725
Lev	514	0.242	0.238	0.127	0	0.590
Size	514	7.483	7.564	1.189	3.509	9.841
Age	514	2.709	2.89	0.837	0	4.605
Board	514	1.911	1.946	0.193	1.099	2.565
Female	514	0.261	0.250	0.147	0	0.714
Indep	514	0.768	0.800	0.196	0.182	1
InsInvestor	514	0.432	0.422	0.227	0.011	0.959
Ar	514	3.443	3.444	0.826	1	5
SA	514	$- 3.155$	$- 3.217$	0.164	$- 3.323$	$- 2.128$

Note(s):

This table reports summary statistics for the ESG disclosure measures and control variables used in this study. The total ESG disclosure scores (ESG), and three separate dimension scores (E, S and G) obtained are original scores by Bloomberg database. Control variables includes Tobin’s Q (ratio of market capitalisation plus liabilities to total assets), ROA (return on assets), Tangi (the ratio of tangible asset to total asset), Grow (growth rate of sales revenue), Lev (debt to assets, leverage ratio), Size (logarithm of total assets), Age (logarithm of the listing year), Board (logarithm of the number of directors), Female (the ratio of female directors to directors), Indep (the ratio of independent directors to directors), InsInvestor (institutional investors’ shareholding), Ar (analyst ratings) and SA (financial constraints). All continuous variables are winsorised at the 1% and 99% levels. The sample includes 52 firms from 2010 to 2023. The summary statistics of each variable include the number of observations, mean, median, standard deviation, minimum and maximum

Source(s): Authors’ own work

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