Descriptive statistics
| Variables | N | mean | median | SD | min. | max. |
|---|---|---|---|---|---|---|
| Dependent variables | ||||||
| Tobin’s Q | 76469 | 1.5540 | 1.3366 | 1.7353 | 0.6126 | 9.9591 |
| Idiosyncratic risk (IR) | 78059 | 0.2143 | 0.1760 | 0.1399 | 0.0470 | 0.8402 |
| Total risk (TR) | 78738 | 0.4028 | 0.3459 | 0.2125 | 0.1353 | 1.3292 |
| Independent variables | ||||||
| ESG score | 78738 | 0.4257 | 0.4075 | 0.2044 | 0.0040 | 0.9572 |
| ESG controversy score | 78705 | 0.0771 | 0.0000 | 0.2101 | 0.0000 | 0.9950 |
| Control variables | ||||||
| ROA | 78738 | 0.0253 | 0.0342 | 0.1231 | −0.7332 | 0.2989 |
| Age | 78738 | 25.0732 | 25.0006 | 16.1900 | 2.0000 | 134.0000 |
| Size (million US dollars) | 78738 | 4,229.5 | 4,069.0 | 6.3117 | 36.3 | 583,060 |
| Leverage | 78738 | 0.5733 | 0.5717 | 0.2379 | 0.0513 | 1.2360 |
| Capex | 78738 | 0.0426 | 0.0290 | 0.0468 | 0.0002 | 0.2568 |
| Asset growth | 78738 | 0.1212 | 0.0630 | 0.3152 | −0.4219 | 2.1725 |
| GDP growth | 78738 | 0.0206 | 0.0224 | 0.0317 | −0.0865 | 0.0913 |
| Variables | N | mean | median | min. | max. | |
|---|---|---|---|---|---|---|
| Tobin’s Q | 76469 | 1.5540 | 1.3366 | 1.7353 | 0.6126 | 9.9591 |
| Idiosyncratic risk ( | 78059 | 0.2143 | 0.1760 | 0.1399 | 0.0470 | 0.8402 |
| Total risk ( | 78738 | 0.4028 | 0.3459 | 0.2125 | 0.1353 | 1.3292 |
| 78738 | 0.4257 | 0.4075 | 0.2044 | 0.0040 | 0.9572 | |
| 78705 | 0.0771 | 0.0000 | 0.2101 | 0.0000 | 0.9950 | |
| 78738 | 0.0253 | 0.0342 | 0.1231 | −0.7332 | 0.2989 | |
| Age | 78738 | 25.0732 | 25.0006 | 16.1900 | 2.0000 | 134.0000 |
| Size (million | 78738 | 4,229.5 | 4,069.0 | 6.3117 | 36.3 | 583,060 |
| Leverage | 78738 | 0.5733 | 0.5717 | 0.2379 | 0.0513 | 1.2360 |
| Capex | 78738 | 0.0426 | 0.0290 | 0.0468 | 0.0002 | 0.2568 |
| Asset growth | 78738 | 0.1212 | 0.0630 | 0.3152 | −0.4219 | 2.1725 |
| 78738 | 0.0206 | 0.0224 | 0.0317 | −0.0865 | 0.0913 | |
For a detailed definition of the variables, see Table 1
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