Variables descriptions
| No.1 | Variable | Symbol | Descriptions |
|---|---|---|---|
| Dependent variable | |||
| 1 | Environmental–sustainability investment | ESI | A natural logarithm of total environmental and sustainable investment made by company during the year |
| Independent variables | |||
| 2 | Customer pressure | CUST_P | Proportion of advertising expenses to sales revenue |
| 3 | Supplier pressure | SUP_P | Measured by inventory turnover, which is equal to main business cost divided by average inventory balance |
| 4 | Employee pressure | EMP_P | The natural logarithm of the number of employees in a company at the end of each year |
| 5 | Shareholder pressure | SHR_P | It is measured by ownership concentration which is the sum of the shareholding proportions of the top three shareholders in the company |
| Control variables | |||
| 6 | Firm age | FAGE | It is calculated as the current year minus the date of initial public offerings |
| 7 | Firm size | FSIZE | It is measured as the natural logarithm of total assets of company |
| 8 | Leverage | FLEV | Ratio of total liabilities divided by total assets |
| 9 | Profitability | ROA | Return on asset ratio |
| 10 | Board size | BSIZE | Natural logarithm of total directors of company |
| 11 | Board independence | BIND | Ratio of independent directors to total directors of company |
| 12 | CEO duality | CEOD | A dummy variable, equals to “1” if CEO is also a chairman of the boar and “0” otherwise |
| No.1 | Variable | Symbol | Descriptions |
|---|---|---|---|
| 1 | Environmental–sustainability investment | ESI | A natural logarithm of total environmental and sustainable investment made by company during the year |
| 2 | Customer pressure | CUST_P | Proportion of advertising expenses to sales revenue |
| 3 | Supplier pressure | SUP_P | Measured by inventory turnover, which is equal to main business cost divided by average inventory balance |
| 4 | Employee pressure | EMP_P | The natural logarithm of the number of employees in a company at the end of each year |
| 5 | Shareholder pressure | SHR_P | It is measured by ownership concentration which is the sum of the shareholding proportions of the top three shareholders in the company |
| 6 | Firm age | FAGE | It is calculated as the current year minus the date of initial public offerings |
| 7 | Firm size | FSIZE | It is measured as the natural logarithm of total assets of company |
| 8 | Leverage | FLEV | Ratio of total liabilities divided by total assets |
| 9 | Profitability | ROA | Return on asset ratio |
| 10 | Board size | BSIZE | Natural logarithm of total directors of company |
| 11 | Board independence | BIND | Ratio of independent directors to total directors of company |
| 12 | CEO duality | CEOD | A dummy variable, equals to “1” if CEO is also a chairman of the boar and “0” otherwise |