Table I Descriptive statistics of the...

Table I

Descriptive statistics of the dependent and independent variables

	All		2006		2007		2008		2009		2010		2011
	Japan	USA	Japan	USA	Japan	USA	Japan	USA	Japan	USA	Japan	USA	Japan	USA
Dependent variable: ESG
Mean	41.77	25.25	37.36	26.73	40.58	23.36	41.84	23.97	42.27	25.26	43.23	27.16	42.46	25.91
Median	42.98	20.247	40.08	24.53	43.18	18.51	42.56	17.77	42.97	19.00	44.21	22.77	42.98	19.14
SD	8.63	13.28	9.78	11.41	9.04	11.79	8.04	12.70	8.32	13.98	8.64	13.85	8.45	14.31
Min.	9.47	6.61	9.47	10.79	10.70	6.61	21.81	10.74	24.69	9.50	21.40	10.74	21.81	10.74
Max.	59.50	73.68	47.52	57.44	52.48	62.40	54.55	62.81	59.50	68.88	57.85	73.55	58.68	73.68
Dependent variable: E
Mean	42.77	22.96	40.48	20.71	41.92	20.46	42.41	22.39	42.56	25.23	43.93	24.10	43.75	23.10
Median	45.248	19.64	41.47	17.05	46.51	17.05	43.80	19.51	44.57	25	45.74	21.70	46.51	17.83
SD	12.03	15.76	8.35	12.70	11.66	14.17	11.37	15.17	12.01	16.47	12.70	16.28	13.70	17.71
Min.	13.01	0.78	23.26	0.78	13.95	0.78	14.63	1.55	17.89	0.78	13.01	1.55	13.39	1.79
Max.	65.89	81.40	53.49	53.49	57.36	58.92	57.36	64.23	62.02	70.54	62.79	81.40	65.89	71.32
Dependent variable: S
Mean	33.87	19.41	26.86	20.82	32.21	17.12	34.14	17.42	34.61	19.32	35.09	21.99	35.80	20.79
Median	33.33	12.28	28.07	14.03	33.33	8.77	33.33	8.77	33.33	8.77	33.33	17.54	33.33	14.03
SD	10.15	16.98	13.70	16.74	10.47	15.85	10.55	16.33	9.95	17.41	8.95	17.34	8.35	17.58
Min.	3.13	3.13	3.13	3.13	3.13	3.13	12.28	3.13	17.54	3.13	15.63	3.13	15.63	3.13
Max.	57.90	83.33	56.14	73.44	56.14	68.75	57.90	73.44	57.90	80.70	54.39	82.81	52.63	83.33
Independent variable: indirector
Mean	17.25	81.82	16.81	83.10	15.65	81.44	16.14	81.00	17.72	81.36	18.27	82.50	18.55	82.55
Median	13.81	84.62	12	83.33	13.16	83.98	12.66	84.62	14.56	84.62	16.67	87.50	16.67	87.08
SD	17.33	11.21	18.80	8.73	16.77	11.09	16.85	11.75	17.32	11.47	18.03	11.19	17.82	11.25
Min.	0.00	27.27	0.00	53.33	0.00	33.00	0.00	28.57	0.00	27.27	0.00	27.27	0.00	27.27
Max.	86.67	100	71.43	94.12	78.57	94.44	80.00	100.00	80.00	94.12	85.71	100.00	86.67	100.00

	All		2006		2007		2008		2009		2010		2011
	Japan	USA	Japan	USA	Japan	USA	Japan	USA	Japan	USA	Japan	USA	Japan	USA
Dependent variable: ESG
Mean	41.77	25.25	37.36	26.73	40.58	23.36	41.84	23.97	42.27	25.26	43.23	27.16	42.46	25.91
Median	42.98	20.247	40.08	24.53	43.18	18.51	42.56	17.77	42.97	19.00	44.21	22.77	42.98	19.14
SD	8.63	13.28	9.78	11.41	9.04	11.79	8.04	12.70	8.32	13.98	8.64	13.85	8.45	14.31
Min.	9.47	6.61	9.47	10.79	10.70	6.61	21.81	10.74	24.69	9.50	21.40	10.74	21.81	10.74
Max.	59.50	73.68	47.52	57.44	52.48	62.40	54.55	62.81	59.50	68.88	57.85	73.55	58.68	73.68
Dependent variable: E
Mean	42.77	22.96	40.48	20.71	41.92	20.46	42.41	22.39	42.56	25.23	43.93	24.10	43.75	23.10
Median	45.248	19.64	41.47	17.05	46.51	17.05	43.80	19.51	44.57	25	45.74	21.70	46.51	17.83
SD	12.03	15.76	8.35	12.70	11.66	14.17	11.37	15.17	12.01	16.47	12.70	16.28	13.70	17.71
Min.	13.01	0.78	23.26	0.78	13.95	0.78	14.63	1.55	17.89	0.78	13.01	1.55	13.39	1.79
Max.	65.89	81.40	53.49	53.49	57.36	58.92	57.36	64.23	62.02	70.54	62.79	81.40	65.89	71.32
Dependent variable: S
Mean	33.87	19.41	26.86	20.82	32.21	17.12	34.14	17.42	34.61	19.32	35.09	21.99	35.80	20.79
Median	33.33	12.28	28.07	14.03	33.33	8.77	33.33	8.77	33.33	8.77	33.33	17.54	33.33	14.03
SD	10.15	16.98	13.70	16.74	10.47	15.85	10.55	16.33	9.95	17.41	8.95	17.34	8.35	17.58
Min.	3.13	3.13	3.13	3.13	3.13	3.13	12.28	3.13	17.54	3.13	15.63	3.13	15.63	3.13
Max.	57.90	83.33	56.14	73.44	56.14	68.75	57.90	73.44	57.90	80.70	54.39	82.81	52.63	83.33
Independent variable: indirector
Mean	17.25	81.82	16.81	83.10	15.65	81.44	16.14	81.00	17.72	81.36	18.27	82.50	18.55	82.55
Median	13.81	84.62	12	83.33	13.16	83.98	12.66	84.62	14.56	84.62	16.67	87.50	16.67	87.08
SD	17.33	11.21	18.80	8.73	16.77	11.09	16.85	11.75	17.32	11.47	18.03	11.19	17.82	11.25
Min.	0.00	27.27	0.00	53.33	0.00	33.00	0.00	28.57	0.00	27.27	0.00	27.27	0.00	27.27
Max.	86.67	100	71.43	94.12	78.57	94.44	80.00	100.00	80.00	94.12	85.71	100.00	86.67	100.00

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