Table 7 Relationship between ESG and ESG...

Table 7

Relationship between ESG and ESG disclosure

	ESG1	ESG2	ESG3	ESG4	ESG5	ESG5 – ESG1
ESG disclosure score	0.248	0.253	0.258	0.264	0.279	0.031***
						[11.53]

	E1	E2	E3	E4	E5	E5 – E1
E disclosure score	0.039	0.056	0.059	0.073	0.091	0.052***
						[16.68]

	S1	S2	S3	S4	S5	S5 – S1
S disclosure score	0.109	0.124	0.126	0.133	0.144	0.034***
						[14.42]

	G1	G2	G3	G4	G5	G5 – G1
G disclosure score	0.593	0.601	0.602	0.601	0.611	0.018***
						[3.50]

Note(s): This table presents the average ESG (E,S,G) disclosure score in each ESG (E,S,G) quintiles. Stocks are sorted into quintiles based on the ESG score within each industry at the end of each year. ESG5 (E5, S5, G5) contains stocks with the highest ESG (E,S,G) score. ESG1 (E1, S1, G1) contains stocks with the lowest ESG (E,S,G) score. The number in parentheses is t-value. ***, **, * denote 1%, 5%, 10% significance levels

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