Table A1 Variable definitions Variables...

Table A1

Variable definitions

Variables	Description	Data source
Independent variables
Gender_num	The number of female directors on board	CSMAR
Gender_ratio	Proportion of female directors on board	CSMAR
Gender_ind	The number of independent female directors on board	CSMAR
Dependent variables
Water_dummy	The dummy variable, equal to 1 if the enterprise disclosure water information and 0 otherwise	Liu et al. (2021)
Water_disclosure	The natural logarithm of corporate water information disclosure index score plus one	Liu et al. (2021)
Moderating variables
Water_sensitive	The dummy variable, 1 if the enterprise belongs to low water-sensitive industries and 0 if otherwise	CSRC (2012)
Control variables
Size	The natural logarithm of total assets	CSMAR
Lev	Leverage and total liabilities/total assets	CSMAR
Roa	Return on assets, earnings before interest and taxes/total assets	CSMAR
SOE	The dummy variable, equal to 1 if the enterprise is state owned and 0 if otherwise	CSMAR
Dual	The dummy variable, equal to 1 if the CEO is also the board chairperson and 0 if otherwise	CSMAR
Board	Board size and natural logarithm of the total number of board members	CSMAR
Tobin’s Q	The ratio of the market value of a firm’s asset/the replacement cost of the firm’s assets	CSMAR
Age	The natural logarithm of the sum of the age of the firm listed plus one	CSMAR
Year	Year dummy variables	CSMAR
Industry	Industry dummy variables	CSMAR
Other variables
Gender_blau	The Blau (1977) Index of heterogeneity. $B l a u = 1 - \sum_{i = 1}^{2} P_{i}^{2}$ ⁠, where i = (1, 2) for the number of gender categories (i.e. male and female) and P is the proportion for each category (male or female) on the board	CSMAR
L_Gender	The number of female directors in one lag period	CSMAR
Aver_Gender	The average number of female directors in the same industry in the same period	CSMAR
Gender	The dummy variable, equal to 1 if there are female directors in the company and 0 if otherwise	CSMAR
HHI	Herfindahl–Hirschman Index, $H H I = {\sum_{i = 1}^{N} (\frac{S_{i}}{S})}^{2}$ ⁠, where $\frac{S_{i}}{S}$ is the ratio of the company’s operating income to the total revenue	CSMAR
OwnershipConcentration	The percentage of total shares owned by top five shareholders	CSMAR
Inter_control	DIB Database internal control score	DIB
Media	The total number of corporate reports on the Internet and in the press	CNRDS
Beta	$β_{a} = \frac{C o v (r_{a}, r_{m})}{σ_{m}^{2}}$ ⁠, where $r_{a}$ is company stock, $r_{m}$ is stock return and $σ_{m}^{2}$ is variance of market returns	CSMAR
Water_perfor	The water performance index, with a score of 0–5	Luo and Tang (2021)

Variables	Description	Data source
Independent variables
Gender_num	The number of female directors on board	CSMAR
Gender_ratio	Proportion of female directors on board	CSMAR
Gender_ind	The number of independent female directors on board	CSMAR
Dependent variables
Water_dummy	The dummy variable, equal to 1 if the enterprise disclosure water information and 0 otherwise	Liu et al. (2021)
Water_disclosure	The natural logarithm of corporate water information disclosure index score plus one	Liu et al. (2021)
Moderating variables
Water_sensitive	The dummy variable, 1 if the enterprise belongs to low water-sensitive industries and 0 if otherwise	CSRC (2012)
Control variables
Size	The natural logarithm of total assets	CSMAR
Lev	Leverage and total liabilities/total assets	CSMAR
Roa	Return on assets, earnings before interest and taxes/total assets	CSMAR
SOE	The dummy variable, equal to 1 if the enterprise is state owned and 0 if otherwise	CSMAR
Dual	The dummy variable, equal to 1 if the CEO is also the board chairperson and 0 if otherwise	CSMAR
Board	Board size and natural logarithm of the total number of board members	CSMAR
Tobin’s Q	The ratio of the market value of a firm’s asset/the replacement cost of the firm’s assets	CSMAR
Age	The natural logarithm of the sum of the age of the firm listed plus one	CSMAR
Year	Year dummy variables	CSMAR
Industry	Industry dummy variables	CSMAR
Other variables
Gender_blau	The Blau (1977) Index of heterogeneity. $B l a u = 1 - \sum_{i = 1}^{2} P_{i}^{2}$ , where i = (1, 2) for the number of gender categories (i.e. male and female) and P is the proportion for each category (male or female) on the board	CSMAR
L_Gender	The number of female directors in one lag period	CSMAR
Aver_Gender	The average number of female directors in the same industry in the same period	CSMAR
Gender	The dummy variable, equal to 1 if there are female directors in the company and 0 if otherwise	CSMAR
HHI	Herfindahl–Hirschman Index, $H H I = {\sum_{i = 1}^{N} (\frac{S_{i}}{S})}^{2}$ , where $\frac{S_{i}}{S}$ is the ratio of the company’s operating income to the total revenue	CSMAR
OwnershipConcentration	The percentage of total shares owned by top five shareholders	CSMAR
Inter_control	DIB Database internal control score	DIB
Media	The total number of corporate reports on the Internet and in the press	CNRDS
Beta	$β_{a} = \frac{C o v (r_{a}, r_{m})}{σ_{m}^{2}}$ , where $r_{a}$ is company stock, $r_{m}$ is stock return and $σ_{m}^{2}$ is variance of market returns	CSMAR
Water_perfor	The water performance index, with a score of 0–5	Luo and Tang (2021)

Note(s): CSMAR: China Stock Market and Accounting Research Database. DIB: Dibo database. CNRDS: Chinese Research Data Services. China Securities Regulatory Commission (CSRC)

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