Variable measurement
| Variable | Symbol | Measurement | Reference | Data source |
|---|---|---|---|---|
| Dependent Variable | ||||
| ESG Score | ESG | ESG score from Refinitiv database that measures company performance based on three pillars: environmental, social and governance (Score 0–100 from Refinitiv) | Octavio et al. (2025a, b) | Refinitiv Database |
| Independent Variables | ||||
| Foreign Ownership | FOWN | Percentage of shares owned by individual and institutional investors from abroad | Tokas and Yadav (2023) | Osiris Database and Annual Report |
| Blockholder Ownership | BLOWN | Percentage of shares owned by the largest shareholder | Wicaksono and Setiawan (2024) | Osiris Database and Annual Report |
| Government Ownership | GOWN | Percentage of shares directly owned by central and local government | Wicaksono and Setiawan (2024) | Osiris Database and Annual Report |
| Institutional Ownership | INSOWN | Percentage of shares owned by financial and investment institutions | Octavio and Setiawan (2025a, b) | Osiris Database and Annual Report |
| Control Variables | ||||
| Firm Size | SIZE | Natural logarithm of total assets (SIZE = Ln (Total Assets)) | Octavio and Setiawan (2025a, b) | Osiris Database and Annual Report |
| Firm Age | AGE | Number of years from establishment year to observation year (AGE = Observation year - Establishment year) | Wicaksono and Setiawan (2024) | Osiris Database and Annual Report |
| Profitability | ROA | Return on Assets as profitability proxy (ROA = (Net Income/Total Assets) × 100%) | Tumewang et al. (2024) | Osiris Database and Annual Report |
| Leverage | LEV | Ratio of total debt to total assets (LEV = (Total Debt/Total Assets) × 100%) | Wicaksono and Octavio (2025) | Osiris Database and Annual Report |
| Variable | Symbol | Measurement | Reference | Data source |
|---|---|---|---|---|
| ESG Score | ESG | ESG score from Refinitiv database that measures company performance based on three pillars: environmental, social and governance (Score 0–100 from Refinitiv) | Refinitiv Database | |
| Foreign Ownership | FOWN | Percentage of shares owned by individual and institutional investors from abroad | Osiris Database and Annual Report | |
| Blockholder Ownership | BLOWN | Percentage of shares owned by the largest shareholder | Osiris Database and Annual Report | |
| Government Ownership | GOWN | Percentage of shares directly owned by central and local government | Osiris Database and Annual Report | |
| Institutional Ownership | INSOWN | Percentage of shares owned by financial and investment institutions | Osiris Database and Annual Report | |
| Firm Size | SIZE | Natural logarithm of total assets (SIZE = Ln (Total Assets)) | Osiris Database and Annual Report | |
| Firm Age | AGE | Number of years from establishment year to observation year (AGE = Observation year - Establishment year) | Osiris Database and Annual Report | |
| Profitability | ROA | Return on Assets as profitability proxy (ROA = (Net Income/Total Assets) × 100%) | Osiris Database and Annual Report | |
| Leverage | LEV | Ratio of total debt to total assets (LEV = (Total Debt/Total Assets) × 100%) | Osiris Database and Annual Report | |
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