| Variables | Definition | Measurement unit |
| Stakeholder ES concern | Percentage change in ES performance of the firm | Percent |
| Corporate governance (COGSC) | Quality of corporate governance practices of firm | Score |
| Independent board (INBOAR) | Proportion of independent board members | Proportion |
| Size of board (BOASI) | Total number of board members | Number |
| Meetings of board (BOAM) | Board meetings held in a year | Number |
| Gender diversity of board (BOAGED) | Percentage of women on the board | Percent |
| Staggered structure board (STABOA) | Power of shareholders to fire/retain board of directors based on performance (1 = true) | 1, 0 |
| Ownership concentration (OWNC) | Shareholding percentage of top 5% shareholders | Percent |
| Chairman is ex-CEO (CHEX) | Chairman is ex-CEO (1 = true) | 1, 0 |
| Return on assets (ROAS) | Earnings before interest and taxes divided by total assets | Percent |
| Firm size (SIZE) | Total market capitalization of the firm | Dollar value |
| Dividend per share (DIPS) | Total dividend pay-outs divided by outstanding shares | Percent |
| Leverage (LEVE) | Percentage of total debt to total assets | Percent |
| Liquidity (LIQU) | Ratio of short-term assets to current liabilities | Ratio |
| Firm growth (FIRG) | Percentage of capital expenditures to total assets | Percent |