Table 1. Variable description Variables... | Emerald Publishing

Table 1.

Variable description

Variables	Definition	Source
CSR controversies score	Continuous index (0 = no exposure to corporate irresponsibility, 100 = high exposure), based on news coverage	LSEG/Refinitiv
CSR incentives	Dummy = 1 if the firm implements sustainability-based compensation, 0 otherwise	LSEG/Refinitiv
Complexity	Herfindahl–Hirschman Index based on firms’ annual sales	Compustat
Munificence	Five-year average sales growth rate for each two-digit SIC industry	Compustat
Dynamism	Industry volatility index from time series regression on three industry characteristics	Compustat
CEO duality	Dummy = 1 if CEO is also board chair, 0 otherwise	LSEG/Refinitiv
Log(board_size)	Natural logarithm of the number of board members in year t	LSEG/Refinitiv
Sustainability committee	Dummy = 1 if a sustainability committee exists, 0 otherwise	LSEG/Refinitiv
Log(firm_age)	Natural logarithm of (current year t – incorporation year)	Orbis
Log(employees)	Natural logarithm of total employees	Orbis
Log(ROA)	Natural logarithm of EBIT / total assets	Orbis
Log(Tobin’s Q)	Natural logarithm of the market value of assets scaled by book value	Orbis
Log(leverage)	Natural logarithm of total debt / total assets	Compustat
CSR rating score	Continuous score (0–100) based on environmental, social, and governance dimensions (23 indicators, equally weighted)	LSEG/Refinitiv
Log(tangability)	Natural logarithm of PPE / total assets	Compustat
Sales growth	Annual sales growth rate	Compustat
Industry dummy	Fama–French 12 industry classification	Orbis

Variables	Definition	Source
CSR controversies score	Continuous index (0 = no exposure to corporate irresponsibility, 100 = high exposure), based on news coverage	LSEG/Refinitiv
CSR incentives	Dummy = 1 if the firm implements sustainability-based compensation, 0 otherwise	LSEG/Refinitiv
Complexity	Herfindahl–Hirschman Index based on firms’ annual sales	Compustat
Munificence	Five-year average sales growth rate for each two-digit SIC industry	Compustat
Dynamism	Industry volatility index from time series regression on three industry characteristics	Compustat
CEO duality	Dummy = 1 if CEO is also board chair, 0 otherwise	LSEG/Refinitiv
Log(board_size)	Natural logarithm of the number of board members in year t	LSEG/Refinitiv
Sustainability committee	Dummy = 1 if a sustainability committee exists, 0 otherwise	LSEG/Refinitiv
Log(firm_age)	Natural logarithm of (current year t – incorporation year)	Orbis
Log(employees)	Natural logarithm of total employees	Orbis
Log(ROA)	Natural logarithm of EBIT / total assets	Orbis
Log(Tobin’s Q)	Natural logarithm of the market value of assets scaled by book value	Orbis
Log(leverage)	Natural logarithm of total debt / total assets	Compustat
CSR rating score	Continuous score (0–100) based on environmental, social, and governance dimensions (23 indicators, equally weighted)	LSEG/Refinitiv
Log(tangability)	Natural logarithm of PPE / total assets	Compustat
Sales growth	Annual sales growth rate	Compustat
Industry dummy	Fama–French 12 industry classification	Orbis

Note(s):

Table lists and defines variables used in the analyses, along with their data sources

Source(s): Author’s own creation