Variables

Form

Measurements

Source

Dependent Variables

Financial Performance

EPS

Net profit after tax divided by number of equities shares outstanding.

(Deswanto & Siregar, 2018; Nor et al., 2016)

ROE

Net profit after tax divided by shareholder equity

(Agyemang et al., 2023; Nor et al., 2016)

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.

(Al Hawaj & Buallay, 2022; Khlif et al., 2015)

Independent Variable

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.

(Olagunju, & Ajiboye, 2022; Deswanto & Siregar, 2018)

Control Variables

Firm Age

FAGE

The natural logarithm of the number of years since the firm was listed.

(Islam, 2023; Olagunju & Ajiboye, 2022)

Firm Size

FSIZE

The natural logarithm of total asset.

(Islam, 2023; Agyemang et al., 2023)

Financial Leverage

DE

Total liabilities to shareholder equity.

(Islam, 2023; Deswanto & Siregar, 2018)