Variables | Form | Measurements | Source |
Dependent Variables | |||
Financial Performance | EPS | Net profit after tax divided by number of equities shares outstanding. | |
ROE | Net profit after tax divided by shareholder equity | | |
Market Performance | TQ | Tobin’s Q is measured as the market value of common equity plus book value of liabilities, divided by the book value of total assets of the firm at the end of the fiscal year. | |
Independent Variable |
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Environmental Disclosure Index | EDI | The Environmental Disclosure Index is calculated as the number of environmental items disclosed divided by the maximum number of environmental items disclosed multiplied by 100. | |
Control Variables |
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Firm Age | FAGE | The natural logarithm of the number of years since the firm was listed. | |
Firm Size | FSIZE | The natural logarithm of total asset. | |
Financial Leverage | DE | Total liabilities to shareholder equity. | |