| Variable property | Variable meaning | Variable symbol | Variable definition |
| Explained variable | Enterprise financial performance | Roe | Return on net assets = net profit/net assets |
| Enterprise market performance | TobinQ | TobinQ = market price of the business (share price)/ replacement cost of the business | |
| Company performance | EPS | Earnings per share | |
| Explanatory variable | ESG score | ESG | Using the grading method commonly used in international credit rating, the ESG rating results are divided into 7 grades, with scores ranging from 0 to 10. |
| Mediator variable | Innovation investment | Inv | Ratio of R&D investment to operating income (%) |
| Control variable | Year of listing | IPO | Year of listing of enterprises |
| Company size | Size | Natural logarithm of total assets at the end of the year. | |
| Financial risk | Lev | Total liabilities at the end of period/total assets at the end of period * 100%. | |
| Number of board meetings | BM | Number of board meetings held by the company within one year. | |
| Regional economy | GDP | Natural logarithm of GDP in the current year where the enterprise is located. | |
| Operating income growth rate | Growth | Increase in operating income in the current period/operating income in the previous period * 100%. | |
| Ownership concentration | Share | Number of shares held by the largest shareholder/ total shares of the company. | |
| Turnover of total assets | Asset_turnover | Average balance of main business income/total assets. | |
| Year | Year | Year (dummy variable). | |
| Heavy pollution industry | Polluted_ind | Virtual variable, heavily polluted industry = 1, otherwise = 0. | |
| Nature of equity | SOE | Virtual variable, state-owned enterprise = 1, otherwise = 0. | |
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| Industry code | ind | Industry dummy variable, industry code of the enterprise. |