Table 1 Descriptive statistics and...

Table 1

Descriptive statistics and operationalization of model variables

Variable	Mean	Std Dev	Min	Max	Operationalization
Social Innovation Index (Sii)	59.36	5.71	40.70	74.90	Measures customers' responses to three questions covering issues related to sustainability: (1) the firm having innovative offerings that benefit society, (2) the firm prioritizing the social good and (3) the firm consistently creating socially innovative solutions (Woodall et al., 2018). For more info please refer to: https://americaninnovationindex.com/about/the-social-innovation-index/
Bloomberg E	37.84	17.00	2.33	75.97	The Bloomberg SASB ESG dataset offers Environmental, Social and Governance metrics scores for over 10,000 publicly listed firms. Bloomberg evaluates firms on an annual basis using public information that firms disclose through reports and websites, other public sources, and direct communication. In total, Bloomberg ESG data covers 120 Environmental, Social and Governance indicators (Huber and Comstock, 2017) In this analysis we use Bloomberg SASB ESG overall Environmental, Social and Governance score for each firm. For more info please refer to: https://www.bloomberg.com/professional/product/indices/sasb/
Bloomberg S	39.89	13.24	3.51	71.88
Bloomberg G	63.40	8.11	46.43	85.74
Protection of natural land cover	22.0%	0.415	0	1	Datamaran compiles the reporting activity of firms on over 100 dimensions of ESG (e.g. air emissions, alternative fuels, children's rights, climate change risks and management, governance structure, labor rights, philanthropy and volunteering, and water pollution). The reporting does not reflect the quality of firm initiatives on these topics, but rather the level of reporting activity on these dimensions. Each dimension was categorized by Datamaran as none, low, medium or high activity. For this analysis, mandatory reports (e.g. required documents such as annual reports) and voluntary reports (e.g. firm discretionary reports such as corporate sustainability reports) were combined to represent total ESG reporting activity. For more info please refer to: https://www.datamaran.com/
Transition to renewable energy	66.4%	0.473	0	1

Variable	Mean	Std Dev	Min	Max	Operationalization
Social Innovation Index (Sii)	59.36	5.71	40.70	74.90	Measures customers' responses to three questions covering issues related to sustainability: (1) the firm having innovative offerings that benefit society, (2) the firm prioritizing the social good and (3) the firm consistently creating socially innovative solutions (Woodall et al., 2018). For more info please refer to: https://americaninnovationindex.com/about/the-social-innovation-index/
Bloomberg E	37.84	17.00	2.33	75.97	The Bloomberg SASB ESG dataset offers Environmental, Social and Governance metrics scores for over 10,000 publicly listed firms. Bloomberg evaluates firms on an annual basis using public information that firms disclose through reports and websites, other public sources, and direct communication. In total, Bloomberg ESG data covers 120 Environmental, Social and Governance indicators (Huber and Comstock, 2017)In this analysis we use Bloomberg SASB ESG overall Environmental, Social and Governance score for each firm. For more info please refer to: https://www.bloomberg.com/professional/product/indices/sasb/
Bloomberg S	39.89	13.24	3.51	71.88
Bloomberg G	63.40	8.11	46.43	85.74
Protection of natural land cover	22.0%	0.415	0	1	Datamaran compiles the reporting activity of firms on over 100 dimensions of ESG (e.g. air emissions, alternative fuels, children's rights, climate change risks and management, governance structure, labor rights, philanthropy and volunteering, and water pollution). The reporting does not reflect the quality of firm initiatives on these topics, but rather the level of reporting activity on these dimensions. Each dimension was categorized by Datamaran as none, low, medium or high activity. For this analysis, mandatory reports (e.g. required documents such as annual reports) and voluntary reports (e.g. firm discretionary reports such as corporate sustainability reports) were combined to represent total ESG reporting activity. For more info please refer to: https://www.datamaran.com/
Transition to renewable energy	66.4%	0.473	0	1

Note(s): Social Innovation Index (Sii) is the dependent variable used in all models; Bloomberg E, S and G are metrics designed to reflect overall firm performance on Environmental, Social and Governance issues; Protection of natural land cover and Transition to renewable energy reflect the level of firm reporting on these ESG-related topics as measured by Datamaran

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