Research sample
| No. | Criteria | Quantity | |
|---|---|---|---|
| 1 | Firms Listed on the Indonesia Stock Exchange | 927 | Firm |
| 2 | Financial Firms | (154) | Firm |
| 3 | Firms without ESG Scores from Thomson Reuters during 2019–2023 | (734) | Firm |
| 4 | Firms with Incomplete Data | (2) | Firm |
| Firm Sample | 37 | Firm | |
| Sample Observation Units | 175 | Firm-Year | |
| Observation Units with standardized residual >2.5 | (9) | Firm-Year | |
| Final Samples | 166 | Firm-Year | |
| No. | Criteria | Quantity | |
|---|---|---|---|
| 1 | Firms Listed on the Indonesia Stock Exchange | 927 | Firm |
| 2 | Financial Firms | (154) | Firm |
| 3 | Firms without ESG Scores from Thomson Reuters during 2019–2023 | (734) | Firm |
| 4 | Firms with Incomplete Data | (2) | Firm |
| Firm Sample | 37 | Firm | |
| Sample Observation Units | 175 | Firm-Year | |
| Observation Units with standardized residual >2.5 | (9) | Firm-Year | |
| Final Samples | 166 | Firm-Year | |
Source(s): Authors’ own work
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