*4.2. Dependent Variables*

This study uses ESG disclosure scores collected from the Bloomberg database as the dependent variable. The breakdown of the score with the individual pillars of the environmental disclosure score, the social disclosure score, and the governance disclosure score is as follows. These scores also represent the quality of the disclosure of ESGs, as they reflect the in-depth coverage of ESG issues over more than 900 data points across varying indicators. So, the ESG disclosure score ranges from '0' to '100'.
