Table 1 Variable definition.
From: ESG performance, digital transformation, and green innovation
Variable symbol | Variable | Variable definition |
|---|---|---|
ESG | ESG score | SNSI ESG scores |
GI | Green innovation | ln (number of green inventions independently filed in the year + number of green utility models independently filed in the year + 1) |
DT | Digital transformation | ln (DTA + IM + MIS + 1) |
Listdt | Listing age | ln (listing year − accounting year + 1) |
Scale | Enterprise scale | ln (total assets) |
LEV | Debt-to-asset ratio | Total liabilities/total assets |
TA | Ratio of tangible assets | Total tangible assets/total assets |
ROA | ROA | Net profit/total assets balance |
NOPM | NOPM | Net profit/revenue |
Grown | Net profit growth rate | (net profit for the current year − net profit for the same period of the previous year)/absolute value of net profit for the same period of the previous year |
HHI | HHI | HHI = sum [(individual company’s main business income/total main business income of the industry it belongs to)2] |
TobinQ | TobinQ | Market value/total assets |
TR | TR | Yearly turnover of individual stocks/yearly outstanding market capitalization of individual stocks |
Betavals | Consolidated market annual beta | Covariance (asset’s returns, market returns)/variation of the market return |
Shrcr | Shareholding concentration | Sum of shareholdings of the company’s top five largest shareholders |
Grant | Government grants | Number of government grants breakdown items for the period (in billions) |
Company | Individual fixed effect | Individual fixed effect |
Year | Year fixed effect | Year fixed effect |
