Environmental Disclosure Index
Total number of items appearing in the annual report/Maximum number of items which should appear in annual reports
Return on Assets
Net income/total assets
The natural log of total asset
Baalouch et al. (2019); Brammer and Pavelin (2008); Chaklader and Gulati (2015); Clarkson et al. (2011); Cormier and Magnan (2007); Magness 2006; Suttipun and Stanton (2012); Wu et al. (2010); Yang and Zhang (2014); Zeng et al. (2012)
Debt to assets ratio
Dummy for multinational characteristics: 1 refers to company that is multinational, 0 if the company is not.
Dummy for certification: 1 refers to a company who has environmental certification (e.g., Ecolabel, ISO 14000 and others), 0 otherwise.
Dummy for time: 0 refers to the company’s performance for the period 2016; 1 refers to the company’s performance for the period 2017.