Table 2 Descriptive statistics Variable...

Table 2

Descriptive statistics

Variable	N	Mean	Std. Dev	Min	Max
ROA	35,175	0.033	0.068	−0.323	0.198
ROE	35,175	0.042	0.164	−1.042	0.324
ESG	35,175	41.104	9.067	15.000	65.000
LnAudit	35,175	13.950	0.650	12.734	16.199
Size	35,175	22.285	1.306	19.826	26.366
Lev	35,175	2.938	0.786	0.189	5.000
TobinQ	35,175	1.998	1.273	0.825	8.545
CBNP	35,175	0.406	1.123	−0.953	7.918
Board	35,175	8.276	1.551	5.000	13.000
Big4	35,175	0.062	0.241	0.000	1.000
Opinion	35,175	0.971	0.168	0.000	1.000
SOE	35,175	0.334	0.472	0.000	1.000

Variable	N	Mean	Std. Dev	Min	Max
ROA	35,175	0.033	0.068	−0.323	0.198
ROE	35,175	0.042	0.164	−1.042	0.324
ESG	35,175	41.104	9.067	15.000	65.000
LnAudit	35,175	13.950	0.650	12.734	16.199
Size	35,175	22.285	1.306	19.826	26.366
Lev	35,175	2.938	0.786	0.189	5.000
TobinQ	35,175	1.998	1.273	0.825	8.545
CBNP	35,175	0.406	1.123	−0.953	7.918
Board	35,175	8.276	1.551	5.000	13.000
Big4	35,175	0.062	0.241	0.000	1.000
Opinion	35,175	0.971	0.168	0.000	1.000
SOE	35,175	0.334	0.472	0.000	1.000

Note(s): This table presents the descriptive statistics for the main variables (2015–2024). All continuous variables are winsorized at the 1st and 99th percentiles. The maximum Variance Inflation Factor (VIF) is 2.86, well below the threshold of 10, indicating no severe multicollinearity

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