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Table 1 Variables and measures

From: Enhancing environmental sustainability through corporate governance: the merger and acquisition perspective

Category

Variable

Symbol

Formula

Independent variables

M&A information

MA

1 in the case of an M&A, 0 otherwise

Economic value added rate

EVAR

EVAR (Economic Value Added Rate) = Economic Value Added/Invested Capital = (Net Profit–Cost of Capital)/Invested Capital

Control variables

Capacity development

GR

Growth Rate of Operating Revenue

Profit

NP

Net Profit

Relative value index

BTMR

Book-to-market Ratio

Discount rate

CEDR

Capital Expenditure and Depreciation and Amortization Ratio

Mediator

Number of board meetings

CG

 

Dependent variables

Whether the enterprise discharges a key pollutant

EP

1 if yes, 0 otherwise

Long-term accounts payable

EC

 

Whether there is an independent corporate social responsibility report

CSR

1 if yes, 0 otherwise

Total energy consumption

GF

 

Research and development expenditure

RD

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