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Table 1 Variables and the description

From: Chinese shareholders’ reaction to the disclosure of environmental violations: a CSR perspective

Type Implication Signal Measurement Expected sign
Explained variable Cumulated Abnormal Return CARi Sum of the abnormal returns in the event window  
Explanatory Variable -External Time Trend Trend Years since the event
Media Attention Media-Att Major media attention on environmental protection. Frequency of the key words: pollution, explosion, oil spilling and waste water +
Explanatory Variable -Internal Previous Pollution Control Pre-Pollution Have(1) or not have (1) environmental violations from 2002 to the event date, dummy variable
Previous CSR Performance Pre-CSR Published(1) or not published(0) CSR report in the previous year, dummy variable +
Control Variables Stock Exchange Market Market Shenzhen Stock Exchange(0) or Shanghai Stock Exchange(1), dummy variable +/−
Industry Industry Ordinary industry(0) or pollution industry(1), dummy variable
Size Size Logarithm of the total asset +
Concentration of Ownership Ownership quadratic sum of the shareholding ratio of the top ten major shareholders +
Rate on Equity ROE Net profit/Total Equity +
Price to Earnings Ratio PE Net profit/Earning per share +