Table 1 Descriptive statistics of variables.
Variable | Explanation and definition | N | Mean | Std | Min. | Max. |
|---|---|---|---|---|---|---|
CSR | CSR total score | 3272 | 23.244 | 16.432 | −13.550 | 85.770 |
CER | “Environmental responsibility” sub-index score | 3272 | 1.793 | 5.265 | 0.000 | 30.000 |
Pay | Logarithm of total executive salary (Salary incentive) | 3272 | 15.166 | 0.657 | 12.255 | 17.832 |
Share | Shareholding ratio of management (Equity incentive) | 3164 | 11.766 | 18.559 | 0.000 | 89.990 |
Dual | Whether the CEO is also chairman | 3272 | 0.219 | 0.414 | 0.000 | 1.000 |
Lev | Total liability ratio | 3272 | 0.480 | 0.198 | 0.013 | 0.991 |
TobinQ | Value of TobinQ | 3272 | 1.744 | 1.086 | 0.765 | 17.653 |
ROE | Rate of Return on Equity | 3272 | −1.127 | 121.400 | −4771.915 | 49.372 |
Age | The year after the company goes public | 3272 | 10.131 | 6.952 | 0.000 | 30.000 |
Size | Logarithm of the number of employees | 3272 | 7.768 | 1.354 | 3.932 | 13.223 |
HHI | Sum of the squares of the shares held by the top ten shareholders of company | 3272 | 18.243 | 13.428 | 0.002 | 80.988 |
Top1 | Proportion of the largest shareholder (%) | 3272 | 36.521 | 16.580 | 0.286 | 89.986 |
TMT | The number of senior managers | 3272 | 17.160 | 4.176 | 8.000 | 35.000 |
