Table 2.

Summary statistics of the variables used in our models

	Full sample				Developing country		Developed country		Difference in means
	Obs	Mean	Median	St.Dev	Obs	Mean	Obs	Mean	t-test
Number of species	599	2.863	0.000	21.552	177	3.458	422	2.614	0.844
Buying assurance	599	0.679	1.000	0.467	177	0.599	422	0.714	− 0.115**
Environment score	599	0.065	0.000	0.250	177	0.170	422	0.021	0.148***
Green	599	0.658	1.000	0.475	177	0.588	422	0.687	− 0.100**
Environment award	599	0.199	0.000	0.399	177	0.186	422	0.204	− 0.018
Presence of partnership	599	0.237	0.000	0.425	177	0.147	422	0.275	− 0.128***
Big 4	599	0.391	0.000	0.488	177	0.367	422	0.401	− 0.033
Firm size	590	12.494	11.809	2.512	171	13.276	419	12.175	1.101***
Log (revenue)	593	11.346	11.234	0.545	174	11.276	419	11.375	− 0.099**
Leverage	596	6840.108	0.383	167,000	174	16.66	422	9653.568	− 9636.907
Governance	599	0.839	1.232	0.785	177	− 0.246	422	1.294	− 1.540***
CO2 emission	400	10.426	9.200	4.645	116	7.545	284	11.602	− 4.058***
Log (forest area)	596	13.322	14.527	2.014	174	14.100	422	13.002	1.098***
GDP growth	596	2.820	2.200	2.528	174	5.681	422	1.641	4.040***
Inflation	596	1.552	1.400	1.504	174	2.344	422	1.226	1.118***