Table A1. Variable definitions Type Name... | Emerald Publishing

Table A1.

Variable definitions

Type	Name	Symbol	Definition
Dependent variables	Corporate ESG	ESG	Natural logarithm of one plus the overall ESG disclosure score
		E	Natural logarithm of one plus the environmental disclosure score
		S	Natural logarithm of one plus the social disclosure score
		G	Natural logarithm of one plus the governance disclosure score
Explanatory variables	Retirement village industry	Retire	A dummy variable that equals 1 when the company is belonging to retirement village industry, otherwise 0
Control variables	Firm size	Size	Natural logarithm of the corporate total assets at the end of the year
	Firm age	Age	The firm age
	Firm profitability Firm profitability Sales growth rate Asset liability ratio Independent boards	ROA Tobin’s Q Grow Lev Indep	Return on assets Ratio of market capitalisation plus liabilities to total assets A percentage increase or decrease of sales revenue by comparing current period with same period prior year The ratio of total liabilities to total assets The ratio of independent directors to directors
	Board size Female director Tangible asset Institutional investor Analyst rating Year dummy Financial constraints Cost of debt	Board Female Tangi InsInvestor Ar 2017D SA Cost of debt	Natural logarithm of the number of directors on the board The ratio of female directors to the total number of directors The ratio of tangible asset to total asset The shareholding proportion of institutional investors Ratings scale between 1 and 5 where the higher the rating, the more recommended it is to buy A dummy variable that equals 1 when the observation year is 2017 or after, otherwise 0 Calculated as $- 0.737 \times S i z e + 0.043 \times S i z e^{2} - 0.040 \times A g e$ Total interest expense divided by long term debt

Type	Name	Symbol	Definition
Dependent variables	Corporate ESG	ESG	Natural logarithm of one plus the overall ESG disclosure score
		E	Natural logarithm of one plus the environmental disclosure score
		S	Natural logarithm of one plus the social disclosure score
		G	Natural logarithm of one plus the governance disclosure score
Explanatory variables	Retirement village industry	Retire	A dummy variable that equals 1 when the company is belonging to retirement village industry, otherwise 0
Control variables	Firm size	Size	Natural logarithm of the corporate total assets at the end of the year
	Firm age	Age	The firm age
	Firm profitabilityFirm profitabilitySales growth rateAsset liability ratioIndependent boards	ROATobin’s QGrowLevIndep	Return on assetsRatio of market capitalisation plus liabilities to total assetsA percentage increase or decrease of sales revenue by comparing current period with same period prior yearThe ratio of total liabilities to total assetsThe ratio of independent directors to directors
	Board sizeFemale directorTangible assetInstitutional investorAnalyst ratingYear dummyFinancial constraintsCost of debt	BoardFemaleTangiInsInvestorAr2017DSACost of debt	Natural logarithm of the number of directors on the boardThe ratio of female directors to the total number of directorsThe ratio of tangible asset to total assetThe shareholding proportion of institutional investorsRatings scale between 1 and 5 where the higher the rating, the more recommended it is to buyA dummy variable that equals 1 when the observation year is 2017 or after, otherwise 0Calculated as $- 0.737 \times S i z e + 0.043 \times S i z e^{2} - 0.040 \times A g e$ Total interest expense divided by long term debt

Source(s): Authors own work