Table 6. Descriptive statistics Variable...

Table 6.

Descriptive statistics

Variable	Type	n	Mean	SD	Min.	0.25	Mdn	0.75	Max.
E score	Continuous score (0–100)	9,739	59.73	7.59	33.91	54.24	59.56	64.73	93.34
S score	Continuous score (0–100)	9,739	73.78	10.24	0	67.52	74.05	80.38	100
G score	Continuous score (0–100)	9,739	78.7	7.97	22.4	75.64	80.54	83.91	97.33
Fam	Continuous ratio	9,752	0.47	0.15	0.2	0.34	0.46	0.58	1
Investor	Continuous ratio	9,712	0.33	0.27	0	0.07	0.28	0.56	0.8
Firm size	Continuous	9,765	1.55	0.89	0	1.1	1.61	2.2	3.4
Firm age	Continuous	9,765	21.72	1.06	16.12	20.95	21.59	22.31	28.61
Return on equity	Continuous ratio	9,734	0.37	0.2	0.04	0.21	0.35	0.5	0.89
Leverage	Continuous ratio	9,693	0.08	0.1	−0.54	0.04	0.08	0.12	0.34
BM	Continuous ratio	9,765	0.69	0.62	0.07	0.31	0.51	0.84	3.98
Mfee	Continuous ratio	9,765	0.09	0.06	0.01	0.05	0.08	0.11	0.41
Opinion	Binary	9,765	0.97	0.16	0	1	1	1	1
TOP10	Continuous ratio	9,765	0.63	0.13	0.21	0.55	0.66	0.74	0.96

Variable	Type	n	Mean	SD	Min.	0.25	Mdn	0.75	Max.
E score	Continuous score (0–100)	9,739	59.73	7.59	33.91	54.24	59.56	64.73	93.34
S score	Continuous score (0–100)	9,739	73.78	10.24	0	67.52	74.05	80.38	100
G score	Continuous score (0–100)	9,739	78.7	7.97	22.4	75.64	80.54	83.91	97.33
Fam	Continuous ratio	9,752	0.47	0.15	0.2	0.34	0.46	0.58	1
Investor	Continuous ratio	9,712	0.33	0.27	0	0.07	0.28	0.56	0.8
Firm size	Continuous	9,765	1.55	0.89	0	1.1	1.61	2.2	3.4
Firm age	Continuous	9,765	21.72	1.06	16.12	20.95	21.59	22.31	28.61
Return on equity	Continuous ratio	9,734	0.37	0.2	0.04	0.21	0.35	0.5	0.89
Leverage	Continuous ratio	9,693	0.08	0.1	−0.54	0.04	0.08	0.12	0.34
BM	Continuous ratio	9,765	0.69	0.62	0.07	0.31	0.51	0.84	3.98
Mfee	Continuous ratio	9,765	0.09	0.06	0.01	0.05	0.08	0.11	0.41
Opinion	Binary	9,765	0.97	0.16	0	1	1	1	1
TOP10	Continuous ratio	9,765	0.63	0.13	0.21	0.55	0.66	0.74	0.96

Note(s):

Descriptive statistics are based on the maximum available sample for each variable. The 2SLS regression sample reported in Table 9 comprises 9,498 firm-year observations after applying the t + 1 lead structure on dependent variables and listwise deletion of missing covariates. Variable types follow standard reporting conventions in leading management journals: continuous score variables refer to HuaZheng ESG ratings; continuous ratio variables are bounded proportional measures; binary variables are coded 0 / 1, with means representing sample proportions. Industry and year fixed-effect indicators are included in the regression models reported in Table 9 but omitted from this table, as they are categorical control variables without meaningful descriptive moments

Source(s): Authors’ own work

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