Description of variables
| Variable | Acronym | Definition |
|---|---|---|
| Corporate sustainability | ESG | A composite score index describing about the disclosure activities of the corporates related to its environmental, social and governance activities |
| Gender diversity | GD | The proportion of number of female directors on the board to total number of directors on the board |
| Number of board meetings in a year | NBMY | Total number of board meetings held in a year |
| Percentage of independent directors on the board | Per_ID | The total number of independent directors on the board divided by the total number of directors on the board |
| CEO duality | CEO_D | Measured as value 1 if the CEO is also the chairman of the firm, otherwise zero |
| Tobin’s Q | TQ | (Market value of equity + Book value of debt) divided by book value of equity and debt |
| Firm size | Size | Natural logarithm value of the total asset of the firm |
| Variable | Acronym | Definition |
|---|---|---|
| Corporate sustainability | ESG | A composite score index describing about the disclosure activities of the corporates related to its environmental, social and governance activities |
| Gender diversity | GD | The proportion of number of female directors on the board to total number of directors on the board |
| Number of board meetings in a year | NBMY | Total number of board meetings held in a year |
| Percentage of independent directors on the board | Per_ID | The total number of independent directors on the board divided by the total number of directors on the board |
| CEO duality | CEO_D | Measured as value 1 if the CEO is also the chairman of the firm, otherwise zero |
| Tobin’s Q | TQ | (Market value of equity + Book value of debt) divided by book value of equity and debt |
| Firm size | Size | Natural logarithm value of the total asset of the firm |
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