Variables and data sources
| Variable | Definition | Data source |
|---|---|---|
| Corporate social responsibility associations (CSR associations) | A score that includes consumer ratings on the social, environmental and stakeholder dimensions of CSR | RepZ responsibility score by Kantar Millward Brown |
| Herfindahl-Hirschman Index (HHI) | The squared value of the market share of each firm competing in an industry | Orbis |
| Research and development intensity (RDI) | The ratio of R&D expenses to assets | Compustat |
| Advertising intensity (ADI) | The ratio of advertising expenditures to assets | Datastream |
| Dividend per share (DPS) | The sum of declared dividends issued by a company for every ordinary share outstanding | Orbis |
| Return on assets (ROA) | Dividing the net income by the total assets | Orbis |
| Leverage (LEV) | The ratio between debt and equity | Orbis |
| Debt (DEB) | Money that the company owes to external parties | Orbis |
| Assets (ASE) | A resource controlled by the company as a result of past events and from which future economic benefits are expected to flow to the company | Orbis |
| Tobin’s Q (TOB) | The market value of assets divided by their book value | Thomson Reuters Eikon |
| Definition | Data source | |
|---|---|---|
| A score that includes consumer ratings on the social, environmental and stakeholder dimensions of CSR | RepZ responsibility score by Kantar Millward Brown | |
| The squared value of the market share of each firm competing in an industry | Orbis | |
| The ratio of R&D expenses to assets | Compustat | |
| The ratio of advertising expenditures to assets | Datastream | |
| The sum of declared dividends issued by a company for every ordinary share outstanding | Orbis | |
| Dividing the net income by the total assets | Orbis | |
| The ratio between debt and equity | Orbis | |
| Money that the company owes to external parties | Orbis | |
| A resource controlled by the company as a result of past events and from which future economic benefits are expected to flow to the company | Orbis | |
| The market value of assets divided by their book value | Thomson Reuters Eikon |
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