Table 3.

Descriptive statistics of key variables.

Variable Symbol	Observed Value	Mean Value	Standard Deviation	Minimum Value	Maximum Value
new_col	20,590	0.0110733	0.1046482	0	1
disclose2	20,590	0.5694512	0.4951651	0	1
ESG	20,590	73.50565	5.110355	58.63	84.49
size	20,590	22.35712	1.288317	19.7446	26.4523
lev	20,590	0.4094915	0.1898036	0.051455	0.901682
roa	20,590	0.0423827	0.0651994	−0.373035	0.247308
cash	20,590	0.0522081	0.0644566	−0.172921	0.26687
growth	20,590	0.1584652	0.3739178	−0.657557	4.02421
board	20,590	2.108195	0.1955394	1.60944	2.70805
indep	20,590	37.80894	5.370982	28.57	60
dual	20,590	0.3056338	0.4606865	0	1
top1	20,590	33.26022	14.51543	8.0204	74.8237
age	20,590	2.976887	0.2865628	2.07944	3.61092