Table 1 Summary statistics of variables...

Table 1

Summary statistics of variables

	Firm-year obs	Mean	Median	Std. dev	Percentile25	Percentile75	Min	Max
Dependent variable
MSVF	37,220	0	−0.01	0.7	−0.33	0.37	−3.15	1.73
Explanatory variables (*100)
ESG score	37,220	72.9	73.32	5.57	69.75	76.73	55.55	84.26
E score	37,220	59.99	59.69	7.61	54.24	65.05	45.2	80.03
S score	37,220	73.55	73.76	10.28	66.98	80.46	43.87	100
G score	37,220	79.13	80.9	7.67	76.36	83.91	49.53	92.44
ESG disclosure	12,184	24.56	24.39	7.74	18.73	29.01	9.91	49.29
E disclosure	12,184	5.34	1.09	8.44	0	8.34	0	41.8
S disclosure	12,184	11.3	10.43	7.18	7.38	14.57	0	33.33
G disclosure	12,184	57.93	59.87	14.43	44.94	70.68	29.65	83.59
Information asymmetry
illiquidity	56,471	0	0	0.02	0	0	0	0.12
Bid_ask	43,991	0.04	0.04	0.01	0.03	0.05	0.02	0.07
Control variables
Lev	39,798	0.45	0.45	0.22	0.28	0.61	0.05	0.93
Profitability	39,798	0.02	0.02	0.03	0.01	0.04	−0.05	0.13
CapEx	39,798	20.2	20.1	1.66	19.18	21.15	15.71	24.75
Market-to-book	39,798	3.62	2.63	3.45	1.61	4.34	0.06	22.69
Analyst coverage	39,798	1.14	0.69	1.2	0	2.08	0	3.97
Volatility	39,798	0.03	0.03	0.01	0.02	0.04	0.01	0.07

	Firm-year obs	Mean	Median	Std. dev	Percentile25	Percentile75	Min	Max
Dependent variable
MSVF	37,220	0	−0.01	0.7	−0.33	0.37	−3.15	1.73
Explanatory variables (*100)
ESG score	37,220	72.9	73.32	5.57	69.75	76.73	55.55	84.26
E score	37,220	59.99	59.69	7.61	54.24	65.05	45.2	80.03
S score	37,220	73.55	73.76	10.28	66.98	80.46	43.87	100
G score	37,220	79.13	80.9	7.67	76.36	83.91	49.53	92.44
ESG disclosure	12,184	24.56	24.39	7.74	18.73	29.01	9.91	49.29
E disclosure	12,184	5.34	1.09	8.44	0	8.34	0	41.8
S disclosure	12,184	11.3	10.43	7.18	7.38	14.57	0	33.33
G disclosure	12,184	57.93	59.87	14.43	44.94	70.68	29.65	83.59
Information asymmetry
illiquidity	56,471	0	0	0.02	0	0	0	0.12
Bid_ask	43,991	0.04	0.04	0.01	0.03	0.05	0.02	0.07
Control variables
Lev	39,798	0.45	0.45	0.22	0.28	0.61	0.05	0.93
Profitability	39,798	0.02	0.02	0.03	0.01	0.04	−0.05	0.13
CapEx	39,798	20.2	20.1	1.66	19.18	21.15	15.71	24.75
Market-to-book	39,798	3.62	2.63	3.45	1.61	4.34	0.06	22.69
Analyst coverage	39,798	1.14	0.69	1.2	0	2.08	0	3.97
Volatility	39,798	0.03	0.03	0.01	0.02	0.04	0.01	0.07

Note(s): This table shows the summary statistics of our dependent variable, target variables, information asymmetry variables, and control variables. The dependent variable is the stock misvaluation measure (MSVF) of Rhodes–Kropf et al. (2005), considering SOEs' and Non-SOEs’ classification in the benchmark regression. The target variables include the ESG score, environmental score (E score), social score (S score), governance score (G score), ESG disclosure score, environmental disclosure score (E disclosure), social disclosure score (S disclosure) and governance disclosure score (G disclosure). The information asymmetry variables include illiquidity (illiquidity) and the bid-ask spread (Bid_ask). The control variables include the leverage ratio (Lev), profitability (Profitability), capital expenditure (CapEx), market-to-book ratio (Market-to-Book), analyst coverage (Analyst Coverage), and the volatility of stock returns (Volatility)

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