Variable

Measurement

Expected

sign

FS

Firm Sustainability (Dependent Variable)

This is measured by using environmental, economic and social sustainability measures.

GF

Female Attitudes Towards Alcohol Consumption (Independent Variable)

This is measured using retail finance, asset finance, corporate finance.

+/−

MC

Management Commitment (Independent Variable)

This is measured using management budget support, training management, cooperation and green finance policy initiative.

+/−