Table 3

Variables description

VariablesDescription
CSR_DISCCSR disclosure is the ratio between the aggregation of 123 items concerning social and environmental issues and the total items (123)
CASH_HOLDCash holding is the ratio of cash and cash equivalents divided by total assets
BOARD_GEN_DIVERBoard gender diversity is the ratio between the total number of female directors on board divided by the total number of board directors
ROAReturn on assets measured as the proportion of operate income before interests and taxes over total assets
LEVLeverage ratio calculated as the ratio of total debt to total assets
SIZELogarithm of total assets
BOARD_INDThe proportion of independent directors on boards = Total number of independent directors on boards/ Total number of directors on boards
BOARD_SIZENumber of directors on corporate boards
BOARD_MEETBoard meetings is the number of meetings held by boards a year
CEODUALITYDummy variable that takes the value 1 if the same person serves simultaneously as CEO and President of the board and 0, otherwise
CSR_COMMITDummy variable that takes the value 1 if the company has a CSR committee, and 0 otherwise
BASIC MATERIALSDummy variable: 1 = Basic Materials; 0 = Otherwise
CONSUMER CYCLICALDummy variable: 1 = Consumer Cyclical; 0 = Otherwise
CONSUMER NON-CYCLICALDummy variable: 1 = Consumer Non-Cyclical; 0 = Otherwise
ENERGYDummy variable: 1 = Energy; 0 = Otherwise
HEALTHCAREDummy variable: 1 = Healthcare; 0 = Otherwise
INDUSTRIALSDummy variable: 1 = Industrial; 0 = Otherwise
TECHNOLOGYDummy variable: 1 = Technology; 0 = Otherwise
TELECOMMUNICATION SERVICESDummy variable: 1 = Telecommunication Services; 0 = Otherwise
UTILITIESDummy variable: 1 = Utilities; 0 = Otherwise

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