Variables definitions
| Variables | Measurement |
|---|---|
| Dependent variable | |
| ESG | ESG scores provided by Thomson Reuters |
| Independent variable | |
| DTAR | Logarithmic transformation of digital keyword frequency |
| Control variables | |
| TOBINSQ | (Total Market Value + Total Debts)/Total Assets |
| LEV | Total Debts/Total Assets |
| FSIZE | Ln of Total Assets |
| FAGE | Number of years since the enterprise was established |
| BSIZE | Total number of board members at the end of the fiscal year |
| BIG4 | Dummy variable, 1 if the firm is audited by Big4 and 0 otherwise |
| STATEOWN | Dummy variable, 1 if the firm is state-owned and 0 otherwise |
| Variables | Measurement |
|---|---|
| ESG | ESG scores provided by Thomson Reuters |
| DTAR | Logarithmic transformation of digital keyword frequency |
| TOBINSQ | (Total Market Value + Total Debts)/Total Assets |
| LEV | Total Debts/Total Assets |
| FSIZE | Ln of Total Assets |
| FAGE | Number of years since the enterprise was established |
| BSIZE | Total number of board members at the end of the fiscal year |
| BIG4 | Dummy variable, 1 if the firm is audited by Big4 and 0 otherwise |
| STATEOWN | Dummy variable, 1 if the firm is state-owned and 0 otherwise |
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