Measurement of variables
| S/N | Variable | Code | Operational definition |
|---|---|---|---|
| Dependent variable | |||
| 1 | Environmental disclosure | ED | Environmental pillar score of the ESG index |
| Independent variables | |||
| 2 | Board size | BSIZE | Total number of directors on the board |
| 3 | Board independence | BINDP | The ratio of independent non-executive directors to total directors |
| 4 | Role duality | RLEDTY | Dummy variable: 1 if the CEO and chairperson are the same person, else 0 |
| 5 | Board meeting | BMEET | Total number of meetings held by the board during the year |
| 6 | Board gender diversity | BGDTY | The proportion of female members on the board of directors |
| 7 | Audit committee size | ASIZE | Total number of directors on the audit committee |
| 8 | Audit committee independence | AUDC | The ratio of independent non-executive directors to total directors on the audit committee |
| Control variables | |||
| 9 | Firm size | FSIZE | The natural log of total assets |
| 10 | Firm profitability | PRFT | Return on assets |
| 11 | Firm age | FAGE | Number of years since the incorporation of the firm |
| 12 | Board-specific skills | BSSK | The percentage of board members with an industry-specific background or strong financial background |
| S/N | Variable | Code | Operational definition |
|---|---|---|---|
| 1 | Environmental disclosure | ED | Environmental pillar score of the ESG index |
| 2 | Board size | BSIZE | Total number of directors on the board |
| 3 | Board independence | BINDP | The ratio of independent non-executive directors to total directors |
| 4 | Role duality | RLEDTY | Dummy variable: 1 if the CEO and chairperson are the same person, else 0 |
| 5 | Board meeting | BMEET | Total number of meetings held by the board during the year |
| 6 | Board gender diversity | BGDTY | The proportion of female members on the board of directors |
| 7 | Audit committee size | ASIZE | Total number of directors on the audit committee |
| 8 | Audit committee independence | AUDC | The ratio of independent non-executive directors to total directors on the audit committee |
| 9 | Firm size | FSIZE | The natural log of total assets |
| 10 | Firm profitability | PRFT | Return on assets |
| 11 | Firm age | FAGE | Number of years since the incorporation of the firm |
| 12 | Board-specific skills | BSSK | The percentage of board members with an industry-specific background or strong financial background |
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