The Influence of Academic Independent Directors and Confucianism on Carbon Information Disclosure: Evidence from China
Table 2
Variable definition.
Variables
Description
CID
The total score of CID index.
ACARATIO
Percentage of academic independent directors on the board of directors.
CONF_R
The number of Confucianism centers within a radius of R kilometers (R = 200, 220, 240, 260, 280, 300 km) around a firm’s registered address.
SIZE
Logarithm of the number of employees.
LEV
Debt-to-equity ratio.
ROE
Return on equity.
VERIFICATION
Whether the corporate social responsibility report is verified by a third party.
HIGH-CARBON
Dummy variable that equals 1 if the firm belongs to a high-carbon industrial sector. High-carbon industries include automobiles and components, chemicals, forest products, gas and electrical utilities, oil and gas, mining, pipelines, precious metals, steel, and transportation.
BOARDSIZE
Total number of board members.
AGE
The number of years that have passed since a firm’s IPO.
CONCENTRATION
The percentage of total common stocks owned by the largest shareholders.
