Variable definitions
| Variable | Definition | Source |
|---|---|---|
| CSR_policy | Based on average of ten questions concerning CSR policy* | Eikon (2015–2019) |
| Framework | Based on average of nine potential CSR pronouncements (frameworks/standards/guidelines) | GRI database (2015–2019) |
| Foreign_sales | Ratio of foreign sales to total sales | Worldscope (2015–2019) |
| Lev | Long-term debt divided by total assets | Compustat and Bloomberg (2015–2019) |
| Profit | Net income divided by total assets | Compustat and Bloomberg (2015–2019) |
| Size | Natural log of average net assets | Compustat and Bloomberg (2015–2019) |
| MTB | The ratio of market value of equity, measured as shares outstanding multiplied by share price at year-end, to book value of total equity | Compustat, Bloomberg and Worldscope (2015–2019) |
| Analysts | Natural log of analysts following the firm | Ibes (2015–2019) |
| AC_independence | Ratio of non-executive director in audit committee | Eikon (2015–2019) |
| SH_right | Indicator variable equal to 1 if a company has shareholder rights, otherwise 0 | Eikon (2015–2019) |
| CSR_committee | Indicator variable equal to 1 if a company has CSR committee, otherwise 0 | Eikon (2015–2019) |
| Awards | Indicator variable equal to 1 if a company receives awards on CSR reporting, otherwise 0 | Eikon (2015–2019) |
| Diversity | Board gender diversity measure using percentage of female directors on the board | Eikon (2015–2019) |
| Institution | Average of six dimensions of worldwide governance indicators: voice and accountability, political stability and absence of violence/terrorism, government effectiveness, regulatory quality, rule of law and control of corruption | World Bank (2015–2019) |
| GDP | Natural logarithm of GDP per capita in US$ | World Bank (2015–2019) |
| Civil | Indicator variable equal to 1 if a country has civil law base, otherwise 0 | World Bank (2015–2019) |
| Indcoun_framework | Average score of FRAMEWORK by industry and country | GRI database (2015–2019) |
| Yearcoun_framework | Average score of FRAMEWORK by year and country | GRI database (2015–2019) |
| ENV | Level of environmental quality and country-average score is calculated | Eikon (2015–2019) |
| Variable | Definition | Source |
|---|---|---|
| CSR_policy | Based on average of ten questions concerning CSR policy* | Eikon (2015–2019) |
| Framework | Based on average of nine potential CSR pronouncements (frameworks/standards/guidelines) | GRI database (2015–2019) |
| Foreign_sales | Ratio of foreign sales to total sales | Worldscope (2015–2019) |
| Lev | Long-term debt divided by total assets | Compustat and Bloomberg (2015–2019) |
| Profit | Net income divided by total assets | Compustat and Bloomberg (2015–2019) |
| Size | Natural log of average net assets | Compustat and Bloomberg (2015–2019) |
| MTB | The ratio of market value of equity, measured as shares outstanding multiplied by share price at year-end, to book value of total equity | Compustat, Bloomberg and Worldscope (2015–2019) |
| Analysts | Natural log of analysts following the firm | Ibes (2015–2019) |
| AC_independence | Ratio of non-executive director in audit committee | Eikon (2015–2019) |
| SH_right | Indicator variable equal to 1 if a company has shareholder rights, otherwise 0 | Eikon (2015–2019) |
| CSR_committee | Indicator variable equal to 1 if a company has CSR committee, otherwise 0 | Eikon (2015–2019) |
| Awards | Indicator variable equal to 1 if a company receives awards on CSR reporting, otherwise 0 | Eikon (2015–2019) |
| Diversity | Board gender diversity measure using percentage of female directors on the board | Eikon (2015–2019) |
| Institution | Average of six dimensions of worldwide governance indicators: voice and accountability, political stability and absence of violence/terrorism, government effectiveness, regulatory quality, rule of law and control of corruption | World Bank (2015–2019) |
| GDP | Natural logarithm of GDP per capita in US$ | World Bank (2015–2019) |
| Civil | Indicator variable equal to 1 if a country has civil law base, otherwise 0 | World Bank (2015–2019) |
| Indcoun_framework | Average score of FRAMEWORK by industry and country | GRI database (2015–2019) |
| Yearcoun_framework | Average score of FRAMEWORK by year and country | GRI database (2015–2019) |
| ENV | Level of environmental quality and country-average score is calculated | Eikon (2015–2019) |
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