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Tables for Essay 1
Appendix 1.1. Variable description
Variable Description
Dependent variables
ER Industry-year adjusted Hexun environmental responsibility score.
Following Li, Wang, & Wu (2021), it is calculated as Hexun
environmental responsibility score minus its mean value for all firms in the same industry in a given year. The higher the score is, the higher the firm’s environmental performance.
Hexun ER Raw data of Hexun environmental performance score, ranged from 0 to 30. The higher the score is, the higher the firm’s environmental
performance.
Disclosure Environmental information disclosure score (Ranged from 0 to 11).
The higher the score, the higher environmental disclosing quality.
Independent variable
CScore Accounting conservatism measure. A higher CScore indicates more conservative accounting activities.
Controls
SOE A dummy variable equals to one if the ultimate controller of a firm is a government agency or a state-owned enterprise, and zero otherwise.
Top1 Top 1 shareholding ratio.
Board Size The logarithm of the total number of directors on the board.
Board Independence Ratio of the number of independent directors to the total number of directors on the board.
M/B Ratio The ratio of market value to its book value of equity.
Sales Growth Change in sales between years t and t-1.
LEV Total liabilities scaled by total assets
Big4 A dummy variable equals one if auditor of the firm is one of international ‘Big4’ audit firms, and zero otherwise.
Size The natural logarithm of total assets.
R&D/Sales R&D expenses scaled by total sales.
ROA Return on assets, calculated as net profit after tax/total assets.
GDP Growth Rate The per capita GDP growth rate of the province where the company is located.
Robustness controls
Age Age of firm, measured as number of years with stock return data on CSMAR.
InvestmentCycle Proxy of a firm's investment-cycle length, calculated as depreciation divided by lagged total assets.
EI The natural log of company environmental investment plus 1. (Unit:
million RMB).
Cost/Sales Industry-year adjusted firm environmental protection and pollution treatment expenses divided by sales and times 1000.
Other variables
HHI The Herfindahl-Hirschman index that proxies the industry
concentration, calculated as the sum of the squares of market shares of all firms in a particular market. The lower the index, the higher the competition in the industry sector.
CR4 The sum of the market share (revenue) of the top four largest companies in a given industry. CR4 indicates the industry concentration, the smaller the index, the fiercer the competition.
Analyst Attention The natural logarithm of the number of analysts (teams) that cover a firm in a year.
Report Attention The natural logarithm of the number of analyst research reports about a firm in a year.
Debt/TA The ratio of short-term debts to total assets.
WW Following Whited & Wu (2006), The WW index is calculated as:
WW = (0.091*CF) – (0.062*DIVPOS) + (0.021*TLTD) –