Table 2 Summary of the study variables... | Emerald Publishing

Table 2

Summary of the study variables

Type	Variables	Measurement	Abbreviation	Reference
Independent Variables	Environmental, Social and Governance Disclosure	An index is used to measure the level of disclosure (scoring system) to each pillar separately. A content check list is used to establish the index	ESG	Decree No. 108 for year 2021 issued by Egyptian Financial Regulatory Authority
	I. Environmental Disclosure		ENV
	II. Social Disclosure		SOC
	III. Governance Disclosure		GOV
Dependent Variable	Firm Value	Tobin's Q = total market value of firm/ total asset value of Firm	FV	Ismail and ElDeeb (2020)
Moderating Variable	Audit Quality	A dummy variable; where a value of 1 to be assigned if the firm's auditor is a Big-4 audit firm, otherwise a value of zero is assigned	AQ	Kusumah and Manurung (2017)
Control Variables	Firm Size	Logarithm of total assets	FSize	Serrasqueiro and Macas-Nunes (2008)
	Leverage	Total Debt/Total Assets	LEV	Dal Maso et al. (2017), Wei et al. (2020)
	Return on Equity	Net Income/Total Equity	ROE	Mallette and Fowler (1992), Konar and Cohen (2001)

Type	Variables	Measurement	Abbreviation	Reference
Independent Variables	Environmental, Social and Governance Disclosure	An index is used to measure the level of disclosure (scoring system) to each pillar separately. A content check list is used to establish the index	ESG	Decree No. 108 for year 2021 issued by Egyptian Financial Regulatory Authority
	I. Environmental Disclosure		ENV
	II. Social Disclosure		SOC
	III. Governance Disclosure		GOV
Dependent Variable	Firm Value	Tobin's Q = total market value of firm/ total asset value of Firm	FV	Ismail and ElDeeb (2020)
Moderating Variable	Audit Quality	A dummy variable; where a value of 1 to be assigned if the firm's auditor is a Big-4 audit firm, otherwise a value of zero is assigned	AQ	Kusumah and Manurung (2017)
Control Variables	Firm Size	Logarithm of total assets	FSize	Serrasqueiro and Macas-Nunes (2008)
	Leverage	Total Debt/Total Assets	LEV	Dal Maso et al. (2017), Wei et al. (2020)
	Return on Equity	Net Income/Total Equity	ROE	Mallette and Fowler (1992), Konar and Cohen (2001)

Source(s): Table by authors