Did the Inclusion of China’s A-Shares in the MSCI Index Improve the Information Content of Listed Firms? Analysis Based on Stock Price Synchronisation and Environmental Social Governance

Table 2

Results of descriptive statistics.

Variables	(1)	(2)	(3)	(4)	(5)
	N	Mean	SD	Min	Max
Syn	21,364	-0.942	1.153	-5.161	1.016
ESG	11,837	18.91	6.536	7.851	40.50
mkex	21,364	0.0698	0.255	0	1
Size	21,364	22.21	1.297	19.58	26.17
Lev	21,364	0.441	0.212	0.0568	0.945
ROA	21,364	0.0365	0.0652	–0.269	0.211
Cashflow	21,364	0.0433	0.0702	–0.174	0.240
BM	21,364	1.077	1.125	0.0914	6.599
SOE	21,364	0.377	0.485	0	1
ListAge	21,364	2.246	0.714	0.693	3.258
Top1	21,364	0.344	0.148	0.0850	0.743
Big4	21,364	0.0561	0.230	0	1
After	21,364	0.404	0.491	0	1