Table 1 List of variable definitions.
Variable code | variable name | variable measure |
|---|---|---|
Abresid | efficiency of labor investment | Absolute value of model 1 residuals |
Risk | carbon risk | Carbon emissions/Operating income |
Size | the size of the enterprise | The logarithm of total assets |
Age | years of enterprise | Year of observation - year of establishment |
Lev | asset leverage ratio | Total liabilities to total assets |
Roa | return on assets | Net profit to total assets |
Cfo | cash flow ratio | Net cash flows from operating activities to total assets |
Bm | book-to-market ratio | Total assets to market capitalization |
Mhold | management shareholding | Number of shares held by directors and supervisors to total shares |
Dual | combining the CEO and Chairman | 1 for CEO as chairman, and 0 for others |
