The Role of Corporate Governance and Executive Compensation Towards Company Greenwashing Behavior in Asean

This dataset underpins the study “The Role of Corporate Governance and Executive Compensation Towards Company Greenwashing Behavior in ASEAN.” It is a firm-year panel of listed companies from five ASEAN markets (Indonesia, Malaysia, Philippines, Singapore, Thailand) covering 2014–2024. The dataset includes raw governance and financial fields (sourced from Refinitiv) and analysis-ready constructed variables used in the paper: a greenwashing proxy (ESG score minus controversy-adjusted ESG score), board structure metrics (size, independence, gender diversity, including a critical mass ≥30% indicator), an ESG-linked executive compensation dummy, standard controls (firm size, leverage, ROA, market-to-book), and CO₂ emissions (annual, plus log transform).
The main estimation sample after standard availability filters contains 2,308 firm-year observations; a CO₂ subsample used in robustness contains 1,971 firm-years. All specifications in the paper use industry and year fixed effects; standard errors are clustered at the firm level. A small set of variables (ROA, leverage, MTB, log CO₂) are winsorized at the 1st–99th percentile for robustness, with original (non-winsorized) versions retained.

本数据集支撑了题为《东盟地区公司治理与高管薪酬对企业漂绿行为的作用》的研究。其为2014-2024年间来自东盟五个市场（印度尼西亚、马来西亚、菲律宾、新加坡、泰国）的上市公司的公司年度面板数据。数据集包含源自Refinitiv的原始治理与财务字段，以及论文中使用的可直接用于分析的构建变量：企业漂绿代理变量（环境、社会和治理（Environmental, Social and Governance, ESG）得分减去经争议调整后的ESG得分）、董事会结构指标（规模、独立性、性别多样性，包含临界占比≥30%的标识）、与ESG挂钩的高管薪酬虚拟变量、标准控制变量（公司规模、杠杆率、总资产收益率（Return on Assets, ROA）、市值账面比（Market-to-Book Ratio, MTB）），以及二氧化碳排放量（年度数据，包含对数转换形式）。
经标准可用性筛选后的主要估计样本包含2308个公司年度观测值；用于稳健性检验的二氧化碳子样本包含1971个公司年度观测值。论文中的所有回归设定均控制了行业与年度固定效应，标准误在公司层面进行聚类调整。少量变量（总资产收益率、杠杆率、MTB、对数转换后二氧化碳排放量）在1%-99%分位上进行了缩尾处理以保障稳健性，同时保留了原始（未缩尾）版本的数据。