Variable Definitions
| Variables | Definition | |
|---|---|---|
| CSR variables | CSRLatter | Dependent variable: overcall CSR score of the subsequent firm. The maximum CSR score is 100. A firm can have a negative CSR score if its CSR performance is poor |
| CSRFormer | Independent variable: overall CSR score of the former firm. The maximum CSR score is 100. A firm can have a negative CSR score if its CSR performance is poor | |
| CSRFormerIndAvg | Industry average CSR performance of the former firm | |
| CSRFormerSingle | CSR performance of the former firm with only one job-hopping executive | |
| CSRFormerAvg | Average CSR performance of all former firms with multiple job-hopping executives | |
| Firm variables | Size | Firm size, measured as the natural logarithm of total assets |
| ROA | Firm performance, measured as net income divided by total assets | |
| Leverage | Leverage is measured as total liabilities divided by total assets | |
| Growth | Sales growth, calculated as return on net assets × earnings retention rate divided by (1 − return on net assets × earnings retention rate) | |
| TobinQ | Tobin’s Q, measured as firm market value divided by total assets | |
| OwnershipCon | Ownership concentration, measured as the sum of squares shareholding by the top 10 shareholders | |
| SOE | State-owned enterprise = 1; otherwise = 0 | |
| MgmtHolding | Management shareholdings; executive owns shares = 1, otherwise = 0 | |
| CEODuality | CEO is chair of the board = 1, otherwise = 0 | |
| Executive variables | ExeAge | Age of executive |
| ExeGender | Gender of executive: male = 1, female = 0 | |
| ExeEdu | Education of executive: executive with Bachelor’s degree or higher = 1, otherwise = 0 | |
| ExeOverseas | Executive with overseas experience = 1, otherwise = 0 | |
| ExeAcademic | Executive with academic experience = 1, otherwise = 0 | |
| ExeFinBack | Executive with financial background = 1, otherwise = 0 | |
| Variables | Definition | |
|---|---|---|
| CSR variables | Dependent variable: overcall CSR score of the subsequent firm. The maximum CSR score is 100. A firm can have a negative CSR score if its CSR performance is poor | |
| Independent variable: overall CSR score of the former firm. The maximum CSR score is 100. A firm can have a negative CSR score if its CSR performance is poor | ||
| Industry average CSR performance of the former firm | ||
| CSR performance of the former firm with only one job-hopping executive | ||
| Average CSR performance of all former firms with multiple job-hopping executives | ||
| Firm variables | Firm size, measured as the natural logarithm of total assets | |
| Firm performance, measured as net income divided by total assets | ||
| Leverage is measured as total liabilities divided by total assets | ||
| Sales growth, calculated as return on net assets × earnings retention rate divided by (1 − return on net assets × earnings retention rate) | ||
| Tobin’s Q, measured as firm market value divided by total assets | ||
| Ownership concentration, measured as the sum of squares shareholding by the top 10 shareholders | ||
| State-owned enterprise = 1; otherwise = 0 | ||
| Management shareholdings; executive owns shares = 1, otherwise = 0 | ||
| CEO is chair of the board = 1, otherwise = 0 | ||
| Executive variables | Age of executive | |
| Gender of executive: male = 1, female = 0 | ||
| Education of executive: executive with Bachelor’s degree or higher = 1, otherwise = 0 | ||
| Executive with overseas experience = 1, otherwise = 0 | ||
| Executive with academic experience = 1, otherwise = 0 | ||
| Executive with financial background = 1, otherwise = 0 | ||
Source(s): Appendix 1 by authors
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