Board informal hierarchy, strategic aggressiveness, and corporate ESG performance.xls

This paper selected the listed companies in Shanghai and Shenzhen A-shares in China from 2010 to 2022 as the initial sample, which was processed as following(1) Excluding companies from the financial and insurance industries; (2) Excluding ST companies from the sample; (3) Excluding companies with missing values. As a result, this study obtained 20404 annual observations from 3716 companies. The sample data were obtained from CSMAR database (China Stock Market & Accounting Research Database) and the Wind database. To eliminate outliers, all continuous variables are trimmed at 1% and 99%. This article will use Stata16 software to conduct relevant data analysis.

本文选取2010至2022年中国沪深A股上市公司作为初始研究样本，并按照以下标准进行样本筛选：(1)剔除金融与保险行业的上市公司；(2)剔除被实施其他风险警示（Special Treatment，简称ST）的公司样本；(3)剔除存在缺失值的公司。最终共获得3716家公司的20404个年度观测值。本研究的样本数据取自国泰安中国股票市场与会计研究数据库（CSMAR，China Stock Market & Accounting Research Database）与万得（Wind）数据库。为消除极端值影响，本文对所有连续变量进行1%与99%分位的缩尾处理。本文将采用Stata16软件开展相关数据分析工作。