Table 2.

Descriptive statistics.

Variables	Obs	Mean	Std. dev.	Min	P25	Median	P75	Max	Skewness	Kurtosis
ESG Ratio	2,355	0.5142	2.4267	0.0000	0.0320	0.2537	0.5000	101.12	32.286	1276.1
ESG LN	2,355	2.7296	2.4950	0.0000	0.6931	2.1972	4.1589	13.251	1.2245	4.9086
Green invention	2,355	0.2843	0.7125	0.0000	0.0000	0.0000	0.0000	5.0689	3.2073	14.492
Green utility	2,355	0.3842	0.7896	0.0000	0.0000	0.0000	0.6931	5.7170	2.6001	10.888
Green innovation	2,355	0.5343	0.9502	0.0000	0.0000	0.0000	0.6931	6.1115	2.2061	8.3113
SOE	2,355	0.2790	0.4486	0.0000	0.0000	0.0000	1.0000	1.0000	0.9856	1.9714
ROA	2,355	0.0517	0.0417	−0.0044	0.0206	0.0414	0.0727	0.3721	1.5187	6.7983
LEV	2,355	0.3814	0.1867	0.0174	0.2320	0.3700	0.5173	0.9785	0.2849	2.4190
SIZE	2,355	9.5449	0.5318	7.6615	9.1567	9.4568	9.8282	11.555	0.8576	3.6896
AGE	2,355	2.6988	0.4105	0.6931	2.4849	2.7726	2.9957	3.9120	−0.9241	4.3429
Board	2,355	2.1415	0.1920	1.3863	1.9459	2.1972	2.1972	2.8904	−0.2175	4.2328
Top1	2,355	0.3413	0.1406	0.0431	0.2317	0.3190	0.4325	0.8649	0.6035	3.1369
RD	2,355	4.4836	3.5872	0.0000	2.6200	3.7300	5.4000	35.220	2.6110	14.601
Disclosure	2,355	0.9240	0.2651	0.0000	1.0000	1.0000	1.0000	1.0000	−3.1998	11.239