| Variables |
Abbreviation |
Measure |
References |
| Dependent variables |
|
|
|
| Environment, Social, and Governance Disclosure |
ESGD |
The ESG Disclosure score from Blomberg Terminal. |
(Cucari et al., 2018; Galbreath, 2013; Giannarakis, 2014) |
| Environmental |
ENV |
Environmental disclosure score from Bloomberg. |
(Tarmuji & Maelah., 2016; Wasiuzzaman & Wan Mohammad, 2020) |
| Social |
SOC |
Social disclosure score from Bloomberg. |
(Harjoto & Rossi., 2019; Wasiuzzaman & Wan Mohammad, 2020) |
| Governance |
GOV |
Governance disclosure score from Bloomberg. |
(Harjoto & Rossi, 2019; Tarmuji & Maelah, 2016; Wasiuzzaman & Wan Mohammad, 2020) |
| Independent variable |
|
|
|
| Board gender diversity |
BGD |
Percentage of women directors on the company’s Board. |
(Adams & Ferreira, 2009; Cucari et al., 2018) |
| Critical Mass |
CMASS |
It is a dummy variable that assumes the value 1 if aboard has at least 3 women; 0 otherwise. Itmeasures the critical mass. |
(De Masi et al., 2021; Wasiuzzaman & Wan Mohammad, 2020) |
| Female CEO |
FEMCEO |
Dummy variable that assumes the value 1 if the board has Female CEO, otherwise; 0. |
(Aabo & Giorici, 2023; Bennouri et al., 2018; Kumar & Ravi, 2023) |
| Female Chair |
FEMCHAIR |
Dummy variable that assumes the value 1 if the board has female chair, otherwise; 0. |
(Bennouri et al., 2018; Eberhardt-Toth, 2017) |
| Board meeting attendance |
BMAT |
Percentage of Board meeting attendance. |
(Laksmana, 2008; Suttipun, 2021) |
| Control variables |
|
|
|
| CEO Duality |
CEODUALITY |
Dummy variable if CEO of firm is board of director as well assumes 1, otherwise; 0. |
(Lagasio & Cucari, 2019) |
| Board Size |
BSIZE |
Number of directors on the company’s board. |
(De Masi et al., 2021; Mashudi et al., 2021; Tamimi & Sebastianelli, 2017) |
| Firm Size |
FSIZE |
Log of total revenue |
(Birindelli et al., 2018; Sharma et al., 2020) |
| Independent Director |
INDEPDIR |
Number of Independent directors on company’s board. |
(De Masi et al., 2021; Mashudi et al., 2021) |
