Summary of the sample selection process
| Panel A: Sample selection criteria | |
|---|---|
| Number of firms | |
| All Canadian firms listed on the Canadian stock exchange (S&P TSX) and active in the Datastream database | 227 |
| Excluding firms: | |
| • Operating in financial sector | (4) |
| • Whose market is not Canada | (44) |
| • Whose start dates are after 2012 | (25) |
| • Without calendar year | (60) |
| • Not assigned to any sector | (1) |
| • With a women CEO | (5) |
| Number of firms in the initial sample | 88 |
| Total initial firm-year observations | 993 |
| Excluding firm-year observations: | |
| • Due to unavailability of ESG SCORE | (156) |
| • With missing data from any of the necessary control variables | (4) |
| Total final firm-year observations | 833 |
| Panel A: Sample selection criteria | |
|---|---|
| Number of firms | |
| All Canadian firms listed on the Canadian stock exchange (S&P TSX) and active in the Datastream database | 227 |
| • Operating in financial sector | (4) |
| • Whose market is not Canada | (44) |
| • Whose start dates are after 2012 | (25) |
| • Without calendar year | (60) |
| • Not assigned to any sector | (1) |
| • With a women CEO | (5) |
| • Due to unavailability of ESG SCORE | (156) |
| • With missing data from any of the necessary control variables | (4) |
| Panel B: Distribution of firm-year observations by year | ||
|---|---|---|
| Year | Number of obs. | Percentage |
| 2012 | 65 | 7.80 |
| 2013 | 68 | 8.163 |
| 2014 | 69 | 8.283 |
| 2015 | 73 | 8.763 |
| 2016 | 77 | 9.244 |
| 2017 | 77 | 9.244 |
| 2018 | 79 | 9.484 |
| 2019 | 82 | 9.844 |
| 2020 | 83 | 9.964 |
| 2021 | 83 | 9.964 |
| 2022 | 77 | 9.244 |
| Total | 833 | 100 |
| Panel B: Distribution of firm-year observations by year | ||
|---|---|---|
| Year | Number of obs. | Percentage |
| 2012 | 65 | 7.80 |
| 2013 | 68 | 8.163 |
| 2014 | 69 | 8.283 |
| 2015 | 73 | 8.763 |
| 2016 | 77 | 9.244 |
| 2017 | 77 | 9.244 |
| 2018 | 79 | 9.484 |
| 2019 | 82 | 9.844 |
| 2020 | 83 | 9.964 |
| 2021 | 83 | 9.964 |
| 2022 | 77 | 9.244 |
| Panel C: Distribution of firm-year observations by industry | ||
|---|---|---|
| Industry type | Number of obs. | Percentage |
| Basic materials | 213 | 25.57 |
| Consumer discretionary | 52 | 6.24 |
| Consumer staples | 30 | 3.60 |
| Energy | 241 | 28.93 |
| Industrials | 131 | 15.73 |
| Technology | 11 | 1.32 |
| Telecommunications | 33 | 3.96 |
| Utilities | 122 | 14.65 |
| Total | 833 | 100 |
| Panel C: Distribution of firm-year observations by industry | ||
|---|---|---|
| Industry type | Number of obs. | Percentage |
| Basic materials | 213 | 25.57 |
| Consumer discretionary | 52 | 6.24 |
| Consumer staples | 30 | 3.60 |
| Energy | 241 | 28.93 |
| Industrials | 131 | 15.73 |
| Technology | 11 | 1.32 |
| Telecommunications | 33 | 3.96 |
| Utilities | 122 | 14.65 |
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