Table 12 Definition of Main Variables
From: Can returnee managers promote CSR performance? Evidence from China
Variable Name | Definition |
|---|---|
Panel A: Variables of CSR | |
CSR_Score | CSR evaluation score released by Hexun.com. The total score is 100, the higher score represents better performance of CSR. |
CSR_Rate | CSR evaluation rate released by Hexun.com. We give 5 scores for A level (the highest), and 1 for E level (the lowest). The rest can be done in the same manner. |
RKS_Score | CSR evaluation score released by RKS. The higher score represents better CSR performance. |
RKS_Level | CSR evaluation rate released by RKS. The higher level represents better CSR performance. |
Panel B: Variables of managerial foreign experience | |
Returnee (0/1) | A dummy variable which equals 1 if firm i has at least one returnee manager with foreign experience in year t and 0 otherwise |
Returnee number | Number of returnee managers in year t |
Returnee work (0/1) | A dummy variable which equals 1 if firm i has at least one returnee manager with foreign work experience in year t and 0 otherwise |
Returnee study(0/1) | A dummy variable which equals 1 if firm i has at least one returnee manager with foreign study experience in year t and 0 otherwise |
Returnee developed (0/1) | A dummy variable which equals 1 if firm i has at least one returnee manager obtained foreign experience from at least one developed economy in year t and 0 otherwise |
Returnee number developed | Number of returnee managers obtained foreign experience from at least one developed economy in year t |
Panel C: Other variables | |
State control (0/1) | A dummy variable which equals 1 if firm is a state-owned entity and 0 otherwise |
Board independence | The proportion of independent directors in a board in year t |
Board size | The number of directors in a board in year t |
Power balance | The ratio of the number of shares held by the largest shareholder divided by the sum of the number of shares held by the second to the fifth largest shareholders in year t |
Duality (0/1) | A dummy variable equals 1 if chairman and CEO is the same person and 0 otherwise |
Managerial ownership | The number of the shares held by management divided by the total shares in issue in year t |
Institutional ownership | The number of shares held by institutional investors divided by the total shares in issue in year t |
Firm age | Firm i’s age, which equals to the difference of fiscal year t minus the year the firm established |
Size | The natural logarithm of book value of total assets in year t |
ROA | Return on assets, which equals to net income divided by total assets in year t |
Leverage | The book value of total debts divided by the book value of total assets |
Growth | The increased percentage of sales growth in year t |
Top1 | The proportion of ownership by the largest shareholder |
DA | Discretionary accruals, proxy for information asymmetry, calculated by modified Jones Model |