Descriptive Statistics

The table contains the descriptive statistics that answers the first objective of the study by describing the

statistics of the variables, which include financial performance, corporate social responsibility, board

characteristics, firm characteristics, and country-level institutional factors. The sample includes 600 firm-

year observations for the years 2020 - 2021. The firms in the sample come from a wide range of

industries. Specifically, table 1 presents the mean, median, standard deviation, minimum, and maximum

values of the variables, which were calculated to describe the central tendency and variability of the data.

Regarding the financial performance, the statistics show that the mean for ROA is 0.0561 with a standard

deviation of 0.0355, and the ROE’s mean is 0.787, with a standard deviation of 16.0. Additionally, the

mean for Tobin’s Q is 1.81, with a standard deviation of 4.42. These measures indicate the profitability

and market value of the firms in the sample.

Furthermore, for corporate social responsibility, the firms’ environmental, social, and governance (ESG)

combined scores show that the mean value for ESGscore is 53.2. Additionally, its standard deviation

value of 18.200 indicates that the scores are widely spread out from the mean. The minimum and

maximum values for ESGscore are 2.660 and 92.000, respectively. These values indicate the lowest and

highest scores in the dataset.

The board characteristics include gender diversity, board size, board independence, CEO duality, and

CSR committee. The mean for gender diversity score is 18.5, indicating that on average, boards have

18.5% female representation. The mean for board size is 9.69, and the mean for board independence score

is 49.0. The CSR committee exists in 75.7% of the companies studied. These figures indicate that the

sample firms have a relatively diverse board in terms of gender, have a medium-sized board, and have a

moderate level of board independence.

Other factors such as firm size, leverage, government effectiveness, and country development status are

also included in the analysis. For firm characteristics, the mean for firm size is 9.60, and the mean for

leverage is 0.567. These measures indicate that the companies in the sample are relatively small and have

moderate levels of leverage. Furthermore, the descriptive statistics show that the mean for the government

effectiveness variable is 0.837, and the majority of the firms are from developing countries as it occurred

79% of the time. These country-level institutional factors may affect the financial performance and

corporate social responsibility practices of the companies (Wang et al., 2019). Overall, these descriptive

statistics provide an initial understanding of the financial performance, corporate social responsibility,

board characteristics, firm characteristics, and country-level institutional factors of ASEAN publicly

listed companies.