Variable definitions and data sources
| Variable | Definition | Data source |
|---|---|---|
| Dependent variables | ||
| ESG | Corporate ESG performance. It is obtained by assigning values 9–1 in sequence based on the CSI rating AAA-C | WIND |
| Independent variables | ||
| CEO_nar | CEO narcissism, calculated based on ln{(pixels of CEO’s signature/pixels of the image where the signature is located * average pixels of all images)/number of names} | Prospectuses |
| Control variables | ||
| Size | Firm size, equal to the natural logarithm of the firm’s total assets at the end of the period | CSMAR |
| FirmAge | Company age, natural logarithm of the number of years the company has been in existence | CSMAR |
| ROA | Return on total assets, which is equal to the ratio of a company’s net profit to its average total assets | CSMAR |
| Lev | Debt-to-asset ratio, which is equal to the ratio of total liabilities to total assets of the company at the end of the period | CSMAR |
| Indep | Proportion of independent directors, which is equal to the ratio of independent directors to the total number of directors | CSMAR |
| TOP1 | Shareholding concentration, equal to the proportion of shares held by the largest shareholder at the end of the year | CSMAR |
| Board | Number of directors, equal to the natural logarithm of the total number of directors of the company | CSMAR |
| Balance2 | Shareholding checks and balances, equal to the sum of the shareholdings of the second through fifth largest shareholders divided by the shareholding of the largest shareholder | CSMAR |
| INST | Institutional investor shareholding ratio, equal to the ratio of the number of shares held by institutional investors to the total number of shares | CSMAR |
| SOE | Nature of property rights, taking 1 when the firm is a state-owned firm and 0 otherwise | CSMAR |
| Gdp | GDP per capita, equal to the natural logarithm of GDP per capita in the province where the firm is located | CSMAR |
| Variable | Definition | Data source |
|---|---|---|
| Corporate ESG performance. It is obtained by assigning values 9–1 in sequence based on the CSI rating AAA-C | WIND | |
| CEO narcissism, calculated based on ln{(pixels of CEO’s signature/pixels of the image where the signature is located * average pixels of all images)/number of names} | Prospectuses | |
| Firm size, equal to the natural logarithm of the firm’s total assets at the end of the period | CSMAR | |
| Company age, natural logarithm of the number of years the company has been in existence | CSMAR | |
| Return on total assets, which is equal to the ratio of a company’s net profit to its average total assets | CSMAR | |
| Debt-to-asset ratio, which is equal to the ratio of total liabilities to total assets of the company at the end of the period | CSMAR | |
| Proportion of independent directors, which is equal to the ratio of independent directors to the total number of directors | CSMAR | |
| Shareholding concentration, equal to the proportion of shares held by the largest shareholder at the end of the year | CSMAR | |
| Number of directors, equal to the natural logarithm of the total number of directors of the company | CSMAR | |
| Shareholding checks and balances, equal to the sum of the shareholdings of the second through fifth largest shareholders divided by the shareholding of the largest shareholder | CSMAR | |
| Institutional investor shareholding ratio, equal to the ratio of the number of shares held by institutional investors to the total number of shares | CSMAR | |
| Nature of property rights, taking 1 when the firm is a state-owned firm and 0 otherwise | CSMAR | |
| GDP per capita, equal to the natural logarithm of GDP per capita in the province where the firm is located | CSMAR | |
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