Managerial Sentiment and ESG Performance

We use Chinese A-share listed companies from 2007 to 2021 as the initial sample. Since the available sentiment-related data began in 2007, we select 2007 as the first year of our sample. We exclude observations from the financial industry, those with missing variables, and those labeled as special treatment (ST), and finally obtain 11729 firm-year observations. Our data is obtained from the China Stock Market Accounting Research (CSMAR) database and the Chinese Research Data Services (CNRDS) database. To mitigate the impact of outliers, all continuous variables are winsorized at the 1% and 99% levels.