Variables definition
| Acronyms | Variables | Definition |
|---|---|---|
| TobinQ (%) | Tobin’s Q ratio | Total market value of firm/total asset value of firm |
| ROA (%) | Firm performance | Net income/total assets |
| ESGS | Environmental, social and governance score | ESG score is an overall company score based on the self-reported information in the environmental, social and corporate governance pillars |
| SIZE | Firm size | The natural logarithm of total assets |
| SALGR (%) | Sales growth | The growth rate of total sales |
| TANG (%) | Tangible | Fixed assets in % of total assets |
| LEVR (%) | Leverage | Total debts/total assets |
| DIVP (%) | Dividends payout ratio | Dividends/net income |
| Acronyms | Variables | Definition |
|---|---|---|
| TobinQ (%) | Tobin’s Q ratio | Total market value of firm/total asset value of firm |
| ROA (%) | Firm performance | Net income/total assets |
| ESGS | Environmental, social and governance score | ESG score is an overall company score based on the self-reported information in the environmental, social and corporate governance pillars |
| SIZE | Firm size | The natural logarithm of total assets |
| SALGR (%) | Sales growth | The growth rate of total sales |
| TANG (%) | Tangible | Fixed assets in % of total assets |
| LEVR (%) | Leverage | Total debts/total assets |
| DIVP (%) | Dividends payout ratio | Dividends/net income |
Source(s): Table inserted by authors
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