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.本研究以2007至2021年中国A股上市公司作为初始研究样本。鉴于可获取的情感相关数据起始于2007年，故将样本的起始年份设定为2007年。研究过程中剔除了金融行业样本、存在变量缺失的观测样本以及被标记为特别处理（Special Treatment, ST）的样本，最终得到11729个公司年度观测值。本研究的数据取自中国股票市场会计研究（China Stock Market Accounting Research, CSMAR）数据库与中国研究数据服务（Chinese Research Data Services, CNRDS）数据库。为降低极端值的干扰，本研究对所有连续变量在1%与99%分位处进行了缩尾处理。