Table 1. Variables used in the analysis... | Emerald Publishing

Table 1.

Variables used in the analysis

Variable	Definition of variables
ESG	ESG performance according to Refinitiv methodology combining environmental, social and governmental dimension
Environmental	Environmental performance according to Refinitiv methodology including measures of resources, emissions and environmental innovations
Social	Social performance according to Refinitiv methodology including measures of workforce, human rights, community and product safety
Governance	Governance performance according to Refinitiv methodology including measures of management, shareholders and CSR strategy
Ln_Assets	Natural logarithm of assets
ROA	Financial performance measured by return on assets
NFRD	Binary variable denoting the existence of mandatory NFR legislation (0 for 2014–2016 and 1 for 2017–2019)
NFRD_sub	Binary variable denoting the fact of a company being subject to mandatory NFR legislation (0 for no and 1 for yes)

Variable	Definition of variables
ESG	ESG performance according to Refinitiv methodology combining environmental, social and governmental dimension
Environmental	Environmental performance according to Refinitiv methodology including measures of resources, emissions and environmental innovations
Social	Social performance according to Refinitiv methodology including measures of workforce, human rights, community and product safety
Governance	Governance performance according to Refinitiv methodology including measures of management, shareholders and CSR strategy
Ln_Assets	Natural logarithm of assets
ROA	Financial performance measured by return on assets
NFRD	Binary variable denoting the existence of mandatory NFR legislation (0 for 2014–2016 and 1 for 2017–2019)
NFRD_sub	Binary variable denoting the fact of a company being subject to mandatory NFR legislation (0 for no and 1 for yes)