Table 1 Definition of variables.
From: Environmental vertical management reform and firms’ ESG performance: evidence from China
Variable type | Variable symbol | Variable name | Variable definition |
|---|---|---|---|
Explanatory variable | Vertical | Environmental vertical management reform | Enterprises under the jurisdiction of provinces are assigned a value of 1 in the year following the implementation of the reform of vertical management of environmental protection and thereafter, otherwise the value is assigned to 0. |
Dependent variable | ESG | Corporate ESG performance | Sino-Securities ESG Evaluation Index |
Control variable | Size | Firm size | the natural logarithm of the total assets of the firm |
Age | Firm age | the observed year - the year firm was established | |
Lev | Firm debt ratio | the ratio of corporate liabilities to total corporate assets | |
ROA | Firm total asset profit ratio | net profit/total assets | |
Growth | Firm growth capacity | total asset growth rate | |
TobinQ | Firm value | Tobin’s Q value | |
Board | Board size | the number of directors | |
SOE | Ownership nature | If it is a state-owned enterprise, it is assigned a value of 1, otherwise it is 0. | |
ProGDP | Level of provincial economic development | Log of provincial GDP | |
ProGdpgrow | Provincial economic growth rate | the growth rate of GDP in the current year and the GDP in the previous year |
