Variables | Acronym | Measurement |
Dependent | ||
Environment performance | EP | Measured as the number of scores by each company compared with the GRI dummy. Individual company score divided by the total as stated by GRI |
Independent Variables | ||
Corporate Governance | ||
Board size | BZ | The total number of all the directors on the board of a firm as stated by the annual report date |
Board Independence | PI | Percentage of non-executive directors was measured as the total number of non-executive directors divided by the total number of directors on the firm’s board of directors in the annual report |
Gender Diversity | BD | Measured as the percentage of the number of women on the board of directors |
Managerial Ownership | MO | Measured as the percentage of director’s direct and indirect shares divided by outstanding shares. They were not available for companies that did not disclose directors’ shares interest |
Institutional Ownership | MO | Measured as the percentage of the share ownership concentration of all the block institutional shareholders with 5% and above controlling interest. They were not available for companies that do not disclose major shareholders in their annual reports |
Control variables | ||
Firm age | FA | Firm age was measured in terms of the number of years the companies had been listed |