Variables used in the study
| Variable | Explanation | Symbol |
|---|---|---|
| Dependent variables | ||
| Financial leverage | Total liabilities/Equity | FL |
| Long-term borrowing level | Long-term debt/Total assets | LTBL |
| Independent variables | ||
| Status of participation in the carbon disclosure Project (CDP) | Level of participation in CDP (The dummy is variable and takes the value “1” if companies disclosed their climate change information through CDP, and “0” if they did not | CDP |
| Control variables | ||
| Size | Natural logarithm of total assets | Size |
| Asset profitability | Net profit/Total assets | ROA |
| Tobin Q | The market value of a company/Assets' replacement cost | TOBINQ |
| Free float ratio | The total par value of the company's publicly traded shares/Total par value of all its shares | FFR |
| Variable | Explanation | Symbol |
|---|---|---|
| Financial leverage | Total liabilities/Equity | FL |
| Long-term borrowing level | Long-term debt/Total assets | LTBL |
| Status of participation in the carbon disclosure Project (CDP) | Level of participation in CDP (The dummy is variable and takes the value “1” if companies disclosed their climate change information through CDP, and “0” if they did not | CDP |
| Size | Natural logarithm of total assets | Size |
| Asset profitability | Net profit/Total assets | ROA |
| Tobin Q | The market value of a company/Assets' replacement cost | TOBINQ |
| Free float ratio | The total par value of the company's publicly traded shares/Total par value of all its shares | FFR |
Source(s): Authors' own work
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