Does carbon neutrality commitment enhance firm value?

Figures & data

Table 1. Definitions of variables.

Variable name	Definition
Dependent variable
car	Cumulative abnormal return around the event date calculated by the market model source: CRSP
Independent variables
ESG performance
ESGC	ESG Combined Score, an overall company score based on the reported information in the environmental, social and corporate governance pillars (ESG Score) with an ESG Controversies overlay. source: Refinitiv
Carbon disclosure
Disclosure	Carbon disclosure, a dummy variable to indicate whether the firm disclosed carbon information, if there is no score in CDP or the score in CDP is F, disclosure is equal to 0, otherwise disclosure is equal to 1 source: Carbon Disclosure Project
Firm characteristics
Firm size	Logarithm of total assets in year t-1
Leverage	Total debts divided by total assets in year t-1
Revenue	Total revenue per share, computed as total revenue form business activities divided by average number of shares outstanding in year t-1
PB ratio	Price to book value per share, computed as close price divided by book value per share in year t-1
Growth	Total assets growth, computed as percentage changes in total assets from year t-2 to year t-1
ROA	Return on assets, calculated as net income divided by total assets in year t-1 source: Compustat

This table presents definitions and sources of variables in this study, t is the year when the firm commits to realise carbon neutrality, units of total assets, total debts, total revenue, and net income are all millions of U.S. dollars.

Table 2. Summary statistics of the full sample.

Variables	N	Mean	Max	Min	sd	p25	p50	p75
ESGC	166	57.132	90.376	18.109	15.816	43.336	57.066	70.322
Disclosure	166	0.777	1.000	0.000	0.417	1.000	1.000	1.000
Firm size	166	10.378	14.852	6.207	1.653	9.360	10.345	11.367
Leverage	166	0.720	2.348	0.237	0.227	0.573	0.713	0.809
Revenue	166	37.460	264.187	0.191	41.903	13.632	22.597	47.733
PB ratio	166	5.335	139.090	0.000	13.010	1.328	2.199	5.214
Growth	166	0.125	2.714	−0.319	0.335	0.016	0.0600	0.113
ROA	166	0.052	0.316	−0.335	0.085	0.011	0.0380	0.096

This table shows the summary statistics of the full sample, definitions of variables are in Table 1. All variables have been winsorised at 1th and 99th percentile except for the dummy variable disclosure. These descriptive statistics include number of observations, mean, maximum, minimum, standard deviation, 25th percentile, 50th percentile, 75th percentile of each variable.

Table 3. Correlation matrix of the full sample.

Variables	ESGC	Disclosure	Firm size	Leverage	Revenue	PB ratio	Growth	ROA
ESGC	1.000
Disclosure	0.300***	1.000
Firm size	0.014	0.366***	1.000
Leverage	0.021	0.108	0.180**
Revenue	−0.003	−0.080	0.128*	0.034	1.000
PB ratio	0.113	0.071	−0.049	0.087	0.006	1.000
Growth	0.085	0.029	0.070	−0.100	−0.060	0.039	1.000
ROA	0.156**	0.210***	−0.056	−0.035	0.065	0.352***	0.067	1.000

This table presents Pearson correlations among variables. *** p < 0.01, ** p < 0.05, * p < 0.1.

Figure 1. The distribution of the year when firms (in this study) made carbon neutrality commitments.

Figure 2. The distribution of the target year when countries plan to reach carbon neutrality (by 8th June 2021).

Figure 3. The distribution of national measures to realise carbon commitment (by 8th June 2021).

Table 4. Between-group summary statistics by country.

variables	The US firms				The UK firms				Mean controls difference	t-value	Mean treated difference	t-value
	Mean controls	Mean treated	Difference	t-value	Mean controls	Mean treated	Difference	t-value
ESGC	57.02	60.03	0.19***	20.79	63.06	64.84	0.12***	10.00	0.39***	44.30	0.31***	14.25
Disclosure	0.74	0.70	0.09***	10.21	0.91	0.99	0.37***	21.74	0.44***	55.05	0.86***	51.88
Firm size	10.27	10.40	0.09***	10.95	10.48	11.18	0.39***	40.65	0.12***	13.21	0.51***	21.88
Leverage	0.73	0.68	0.23***	26.38	0.69	0.71	0.11***	10.36	0.16***	17.71	0.18***	8.66
Revenue	44.45	59.34	0.27***	27.04	10.41	13.37	0.28***	5.60	1.11***	173.42	0.98***	60.45
PB ratio	7.50	3.63	0.25***	40.31	3.37	3.65	0.08***	6.45	0.27***	43.52	0.01***	0.31
Growth	0.03	0.17	0.71***	68.55	−0.03	0.06	0.42***	37.28	0.26***	23.80	0.62***	24.46
ROA	0.05	0.05	0.01	0.93	0.04	0.05	0.22***	19.24	0.20***	22.85	0.03***	1.52
Obs.	56,077	7,929			15,653	2,902

This table shows the summary statistics of the US and UK firms, respectively, before and after the carbon neutrality commitment (the treatment).

The table includes the mean value and number of observations, it also reports mean differences between these two groups, *, **, and *** denote statistical significance of the two-sample t-test of mean equality at the 10%, 5% and 1% level, respectively.

Figure 4. The distribution of the target year when firms (in this study) plan to reach carbon neutrality.

Table 5. Between-group summary statistics of variables by goal.

variables	Short-term-goal firms				Long-term-goal firms				Mean controls difference	t-value	Mean treated difference	t-value
	Mean controls	Mean treated	Difference	t-value	Mean controls	Mean treated	Difference	t-value
ESGC	56.45	62.97	0.45***	59.04	59.70	60.04	0.02***	3.11	0.21***	27.60	0.19***		9.68
Disclosure	0.75	0.86	0.27***	34.98	0.79	0.71	0.19***	29.06	0.10***	12.69	0.36***		19.03
Firm size	10.58	10.95	0.24***	31.11	10.12	10.34	0.14***	22.79	0.28***	36.32	0.44***		23.18
Leverage	0.75	0.68	0.32***	40.39	0.69	0.69	0.02***	2.82	0.27***	35.09	0.02***		0.97
Revenue	40.58	54.98	0.30***	41.12	34.45	40.88	0.12***	15.71	0.16***	20.85	0.24***		12.37
PB ratio	6.59	2.31	0.27***	33.27	6.60	4.65	0.16***	79.07	0.00***	0.03	0.66***		35.86
Growth	0.01	0.18	0.76***	89.77	0.02	0.12	0.48***	62.38	0.06***	6.43	0.29***		10.92
ROA	0.04	0.04	0.08***	10.05	0.06	0.06	0.13***	23.07	0.17***	23.04	0.45***		24.10
Obs.	30,066	4,723			41,664	6,108

This table shows the summary statistics of the short-term-goal firms and the long-term-goal firms before and after the carbon neutrality commitment (the treatment). It includes the mean value and number of observations, it also reports mean differences between these two groups, *, **, and *** denote statistical significance of the two-sample t-test of mean equality at the 10%, 5% and 1% level, respectively.

Table 6. Market reaction to carbon neutrality commitments (full sample).

Event Window	AAR	t-value	sig	CAAR	t-value	sig	Patell	sig
[−3, +3]	−0.0013	−0.8137		−0.0123	−2.9408	***	−3.7039	***
[−5, +5]	−0.0019	−1.2072		−0.0133	−2.5388	**	−2.8729	***
[−7, +7]	0.0016	1.0235		−0.0127	−2.0712	**	−2.4263	**
[−9, +9]	−0.0006	−0.3850		−0.0121	−1.7634	*	−1.9058	*
[−11, +11]	−0.0009	−0.5874		−0.0209	−2.7325	***	−2.9422	***
[−13, +13]	0.0015	0.9559		−0.0146	−1.7475	*	−2.1253	**

This table shows the market reaction to carbon neutrality commitment in different event windows, AAR is average abnormal return, CAAR is cumulative average abnormal return. The statistical significance of AAR is examined by Student’s t test, the statistical significance of CAAR is examined by both Student’s t test and Patell test. *, **, *** indicate statistical significance at the 10%, 5%, 1% level respectively.

Figure 5. Market reactions to carbon neutrality commitments in different event windows.

Table 7. Market reaction to carbon neutrality commitments (by country).

Event Window	AAR	t-value	sig	CAAR	t-value	sig	Patell	sig
Panel A: the US firms
[−3, +3]	−0.0018	−2.1598		−0.0105	−2.1598	**	−2.6158	***
[−5, +5]	−0.0030	−1.6198		−0.0121	−1.9719	**	−1.9009	*
[−7, +7]	0.0023	−1.5001		−0.0107	−1.5001		−1.2274
[−9, +9]	−0.0009	−1.5738		−0.0127	−1.5738		−1.1828
[−11, +11]	0.0004	−2.4676		−0.0220	−2.4676	**	−2.1241	**
[−13, +13]	0.0007	0.3510		−0.0153	−1.5785		−1.5070
Panel B: the UK firms
[−3, +3]	0.0006	0.1949		−0.0184	−2.3388	**	−2.9611	***
[−5, +5]	0.0019	−1.7865		−0.0176	−1.7865	*	−2.5358	**
[−7, +7]	−0.0009	−0.3080		−0.0195	−1.6930	*	−2.8473	***
[−9, +9]	0.0004	0.1193		−0.0103	−0.7983		−1.8282	*
[−11, +11]	−0.0058	−1.9030	*	−0.0171	−1.1743		−2.2743	**
[−13, +13]	0.0046	1.5254		−0.0118	−0.7502		−1.6919	*

This table shows the market reaction to carbon neutrality commitment in different event windows, Panel A and Panel B provides the market reaction to the US firms and the UK firms respectively. AAR is average abnormal return, CAAR is cumulative average abnormal return. The statistical significance of AAR is examined by Student’s t test, the statistical significance of CAAR is examined by both Student’s t test and Patell test. *, **, *** indicate statistical significance at the 10%, 5%, 1% level respectively.

Figure 6. Market reactions to carbon neutrality commitments in different event windows by country.

Table 8. Market reaction to carbon neutrality commitments (by goal).

Event Window	AAR	t-value	sig	CAAR	t-value	sig	Patell	sig
Panel A: the short-term-goal firms
[−3, +3]	−0.0001	−0.0632		−0.0075	−1.4178		−1.7840	*
[−5, +5]	−0.0019	−0.9603		−0.0105	−1.5878		−1.7800	*
[−7, +7]	0.0011	0.5477		−0.0080	−1.0376		−1.3706
[−9, +9]	0.0007	0.3334		−0.0054	−0.6216		−0.8952
[−11, +11]	0.0012	0.5950		−0.0136	−1.3969		−1.5907
[−13, +13]	−0.0023	−1.1181		−0.0106	−0.9952		−1.2767
Panel B: the long-term-goal firms
[−3, +3]	−0.0029	−1.1220		−0.0189	−2.7869	***	−3.6146	***
[−5, +5]	−0.0019	−0.7408		−0.0171	−2.0181	**	−2.3395	**
[−7, +7]	0.0023	0.9121		−0.0191	−1.9213	*	−2.1313	**
[−9, +9]	−0.0024	−0.9181		−0.0214	−1.9149	*	−1.8864	*
[−11, +11]	−0.0038	−1.4892		−0.0308	−2.5027	**	−2.6600	***
[−13, +13]	0.0066	2.5788	**	−0.0199	−1.4918		−1.7716	*

This table shows the market reaction to carbon neutrality commitment in different event windows, Panel A and Panel B provides the market reaction to the short-term-goal firms and the long-term-goal firms respectively. AAR is average abnormal return, CAAR is cumulative average abnormal return. The statistical significance of AAR is examined by Student’s t test, the statistical significance of CAAR is examined by both Student’s t test and Patell test. *, **, *** indicate statistical significance at the 10%, 5%, 1% level respectively.

Figure 7. Market reactions to carbon neutrality commitments in different event windows by goal.

Table 9. Regression analysis of CAR.

Dependent variable: CAR [-5, +5]	(1)	(2)	(3)	(4)
	ESG	disclosure	Combination	Interaction
ESGC	0.001***		0.001***	0.004***
	(0.000)		(0.000)	(0.001)
Disclosure		0.069***	0.050***	0.221***
		(0.009)	(0.009)	(0.044)
Disclosure*ESGC				−0.003***
				(0.001)
Firm controls	Yes	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes	Yes
N	583	583	583	583
R^2	0.278	0.290	0.309	0.337

This table reports the OLS regression results industry fixed effect, the dependent variable of these models is cumulative abnormal returns (CAR) in the event window [−5, +5], Firm controls include firm size, leverage, revenue, PB ratio, growth rate, and ROA. t statistics are in parentheses, *, **, *** indicate statistical significance at the 10%, 5%, 1% level respectively.

Table 10. Robust checks with carbon neutrality goal types.

Dependent variable: CAR [-5, +5]	(1)	(2)	(3)	(4)
	ESG	disclosure	Combination	Interaction
ESGC	0.001***		0.001***	0.004***
	(0.000)		(0.000)	(0.001)
Disclosure		0.070***	0.054***	0.221***
		(0.009)	(0.008)	(0.044)
Disclosure*ESGC				−0.003***
				(0.001)
Goal control	Yes	Yes	Yes	Yes
Firm controls	Yes	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes	Yes
N	583	583	583	583
R^2	0.290	0.312	0.326	0.337

This table reports robustness check when including the carbon neutrality goal types as the additional control variable. The dependent variable of these models is cumulative abnormal returns (CAR) in the event window [−5, +5], Firm controls include firm size, leverage, revenue, PB ratio, growth rate, and ROA. t statistics are in parentheses, *, **, *** indicate statistical significance at the 10%, 5%, 1% level respectively

Table 11. Robust checks in the event window [−3, +3] and [−7,+7].

Panel A
	(1)	(2)	(3)	(4)
Dependent variable: CAR [−3, +3]	ESG	disclosure	Combination	Interaction
ESGC	0.001***		0.000**	0.003***
	(0.000)		(0.000)	(0.001)
Disclosure		0.027***	0.017*	0.144***
		(0.010)	(0.009)	(0.048)
Disclosure*ESGC				−0.002***
				(0.001)
Firm controls	Yes	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes	Yes
N	371	371	371	371
R2	0.178	0.175	0.184	0.211
Panel B
Dependent variable:	(1)	(2)	(3)	(4)
CAR [−7, +7]	ESG	disclosure	Combination	Interaction
ESGC	0.001***		0.001***	0.004***
	(0.000)		(0.000)	(0.001)
Disclosure		0.080***	0.060***	0.252***
		(0.010)	(0.009)	(0.046)
Disclosure*ESGC				−0.004***
				(0.001)
Firm controls	Yes	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes	Yes
N	797	797	797	797
R2	0.227	0.243	0.260	0.286

This table reports the robustness check when utilising different event windows. Dependent variable in Panel A is cumulative abnormal returns (CAR) in the event window [−3, +3], and Panel B is CAR in the event window [−7,+7]. Firm controls include firm size, leverage, revenue, PB ratio, growth rate, and ROA. t statistics are in parentheses, *, **, *** indicate statistical significance at the 10%, 5%, 1% level respectively

Table

Company Name	Event Day	Target Year
Vector Group Ltd. (NYSE:VGR)	20 October 2017	2030
Comerica Incorporated (NYSE:CMA)	29 June 2018	2050
Baker Hughes Company (NYSE:BKR)	28 January 2019	2050
PNM Resources, Inc. (NYSE:PNM)	22 April 2019	2040
Phillips 66 (NYSE:PSX)	6 September 2019	2050
Duke Energy Corporation (NYSE:DUK)	17 September 2019	2050
Amazon.com, Inc. (NasdaqGS:AMZN)	19 September 2019	2040
General Mills, Inc. (NYSE:GIS)	21 September 2019	2050
American Eagle Outfitters, Inc. (NYSE:AEO)	26 September 2019	2030
DTE Energy Company (NYSE:DTE)	26 September 2019	2050
International Consolidated Airlines Group, S.A. (LSE:IAG)	10 October 2019	2050
Philip Morris International Inc. (NYSE:PM)	10 October 2019	2030
Cummins Inc. (NYSE:CMI)	15 November 2019	2050
Ecolab Inc. (NYSE:ECL)	4 December 2019	2050
PVH Corp. (NYSE:PVH)	9 December 2019	2030
Eversource Energy (NYSE:ES)	11 December 2019	2030
Edison International (NYSE:EIX)	23 December 2019	2045
Microsoft Corporation (NasdaqGS:MSFT)	16 January 2020	2030
AstraZeneca PLC (LSE:AZN)	22 January 2020	2025
J Sainsbury plc (LSE:SBRY)	28 January 2020	2040
Dominion Energy, Inc. (NYSE:D)	11 February 2020	2050
Delta Air Lines, Inc. (NYSE:DAL)	14 February 2020	2030
Standard Chartered PLC (LSE:STAN)	18 February 2020	2030
CMS Energy Corporation (NYSE:CMS)	24 February 2020	2040
Kosmos Energy Ltd. (NYSE:KOS)	24 February 2020	2030
Informa plc (LSE:INF)	9 March 2020	2025
British American Tobacco p.l.c. (LSE:BATS)	26 March 2020	2030
Barclays PLC (LSE:BARC)	30 March 2020	2050
Royal Dutch Shell plc (ENXTAM:RDSA)	16 April 2020	2050
Reckitt Benckiser Group plc (LSE:RKT)	4 June 2020	2040
Unilever PLC (LSE:ULVR)	15 June 2020	2039
Ford Motor Company (NYSE:F)	24 June 2020	2050
Wynn Resorts, Limited (NasdaqGS:WYNN)	24 June 2020	2050
Barratt Developments plc (LSE:BDEV)	29 June 2020	2040
Spirax-Sarco Engineering plc (LSE:SPX)	29 June 2020	2040
Legal & General Group Plc (LSE:LGEN)	30 June 2020	2050
Eaton Corporation plc (NYSE:ETN)	1 July 2020	2030
Experian plc (LSE:EXPN)	9 July 2020	2030
Spire Inc. (NYSE:SR)	15 July 2020	2050
The Procter & Gamble Company (NYSE:PG)	16 July 2020	2030
Apple Inc. (NasdaqGS:AAPL)	21 July 2020	2030
Applied Materials, Inc. (NasdaqGS:AMAT)	21 July 2020	2030
Alliant Energy Corporation (NasdaqGS:LNT)	22 July 2020	2050
Range Resources Corporation (NYSE:RRC)	26 August 2020	2025
The Williams Companies, Inc. (NYSE:WMB)	26 August 2020	2050
American Airlines Group Inc. (NasdaqGS:AAL)	11 September 2020	2050
ITV plc (LSE:ITV)	14 September 2020	2030
Facebook, Inc. (NasdaqGS:FB)	15 September 2020	2030
Best Buy Co., Inc. (NYSE:BBY)	24 September 2020	2040
Entergy Corporation (NYSE:ETR)	24 September 2020	2050
Ameren Corporation (NYSE:AEE)	29 September 2020	2050
Ormat Technologies, Inc. (NYSE:ORA)	1 October 2020	2045
Accenture plc (NYSE:ACN)	9 October 2020	2025
HSBC Holdings plc (LSE:HSBA)	9 October 2020	2050
Medtronic plc (NYSE:MDT)	13 October 2020	2030
General Electric Company (NYSE:GE)	15 October 2020	2030
ConocoPhillips (NYSE:COP)	19 October 2020	2050
CF Industries Holdings, Inc. (NYSE:CF)	29 October 2020	2050
The Gap, Inc. (NYSE:GPS)	29 October 2020	2050
GlaxoSmithKline plc (LSE:GSK)	3 November 2020	2030
FirstEnergy Corp. (NYSE:FE)	9 November 2020	2050
Occidental Petroleum Corporation (NYSE:OXY)	11 November 2020	2040
SSE plc (LSE:SSE)	11 November 2020	2050
Newmont Corporation (NYSE:NEM)	12 November 2020	2050
Pinnacle West Capital Corporation (NYSE:PNW)	16 November 2020	2050
Portland General Electric Company (NYSE:POR)	18 November 2020	2040
Diageo plc (LSE:DGE)	23 November 2020	2030
Vodafone Group Plc (LSE:VOD)	23 November 2020	2040
Eastman Chemical Company (NYSE:EMN)	1 December 2020	2050
Phoenix Group Holdings plc (LSE:PHNX)	3 December 2020	2050
Glencore plc (LSE:GLEN)	4 December 2020	2050
The Coca-Cola Company (NYSE:KO)	7 December 2020	2040
British Land Company Plc (LSE:BLND)	10 December 2020	2030
United Airlines Holdings, Inc. (NasdaqGS:UAL)	10 December 2020	2050
Pfizer Inc. (NYSE:PFE)	14 December 2020	2030
Bristol-Myers Squibb Company (NYSE:BMY)	16 December 2020	2040
KBR, Inc. (NYSE:KBR)	17 December 2020	2030
The Walt Disney Company (NYSE:DIS)	18 December 2020	2030
Amgen Inc. (NasdaqGS:AMGN)	11 January 2021	2027
M&G plc (LSE:MNG)	11 January 2021	2050
PepsiCo, Inc. (NasdaqGS:PEP)	14 January 2021	2040
BlackRock, Inc. (NYSE:BLK)	26 January 2021	2050
Mastercard Incorporated (NYSE:MA)	26 January 2021	2050
General Motors Company (NYSE:GM)	28 January 2021	2040
S&P Global Inc. (NYSE:SPGI)	4 February 2021	2025
Bank of America Corporation (NYSE:BAC)	11 February 2021	2050
Livent Corporation (NYSE:LTHM)	11 February 2021	2040
InterContinental Hotels Group PLC (LSE:IHG)	15 February 2021	2030
International Business Machines Corporation (NYSE:IBM)	16 February 2021	2030
3M Company (NYSE:MMM)	16 February 2021	2050
Johnson & Johnson (NYSE:JNJ)	17 February 2021	2040
Kimco Realty Corporation (NYSE:KIM)	17 February 2021	2050
SEGRO Plc (LSE:SGRO)	19 February 2021	2030
Ingersoll Rand Inc. (NYSE:IR)	22 February 2021	2050
Sealed Air Corporation (NYSE:SEE)	23 February 2021	2040
Etsy, Inc. (NasdaqGS:ETSY)	24 February 2021	2030
American Electric Power Company, Inc. (NasdaqGS:AEP)	25 February 2021	2050
Citigroup Inc. (NYSE:C)	1 March 2021	2050
FedEx Corporation (NYSE:FDX)	3 March 2021	2040
Entain Plc (LSE:ENT)	4 March 2021	2035
The Goldman Sachs Group, Inc. (NYSE:GS)	4 March 2021	2030
Wells Fargo & Company (NYSE:WFC)	8 March 2021	2050
Pearson plc (LSE:PSON)	10 March 2021	2030
Trane Technologies plc (NYSE:TT)	15 March 2021	2050
Starbucks Corporation (NasdaqGS:SBUX)	17 March 2021	2030
CarMax, Inc. (NYSE:KMX)	18 March 2021	2050
TPI Composites, Inc. (NasdaqGM:TPIC)	18 March 2021	2030
Aon plc (NYSE:AON)	24 March 2021	2030
PayPal Holdings, Inc. (NasdaqGS:PYPL)	6 April 2021	2040
Honeywell International Inc. (NasdaqGS:HON)	8 April 2021	2035
Under Armour, Inc. (NYSE:UAA)	8 April 2021	2050
Analog Devices, Inc. (NasdaqGS:ADI)	12 April 2021	2050
NIKE, Inc. (NYSE:NKE)	13 April 2021	2050
Principal Financial Group, Inc. (NasdaqGS:PFG)	14 April 2021	2050
Aflac Incorporated (NYSE:AFL)	19 April 2021	2050
Hewlett Packard Enterprise Company (NYSE:HPE)	20 April 2021	2040
HP Inc. (NYSE:HPQ)	20 April 2021	2025
Verizon Communications Inc. (NYSE:VZ)	20 April 2021	2035
Alaska Air Group, Inc. (NYSE:ALK)	21 April 2021	2040
Visa Inc. (NYSE:V)	21 April 2021	2040
Akamai Technologies, Inc. (NasdaqGS:AKAM)	22 April 2021	2030
Avista Corporation (NYSE:AVA)	22 April 2021	2045
Becton, Dickinson and Company (NYSE:BDX)	22 April 2021	2040
Boston Properties, Inc. (NYSE:BXP)	22 April 2021	2025
Columbia Property Trust, Inc. (NYSE:CXP)	22 April 2021	2050
Empire State Realty Trust, Inc. (NYSE:ESRT)	22 April 2021	2035
The Travelers Companies, Inc. (NYSE:TRV)	22 April 2021	2030
WPP plc (LSE:WPP)	22 April 2021	2030
Whitbread plc (LSE:WTB)	22 April 2021	2040
Tetra Tech, Inc. (NasdaqGS:TTEK)	23 April 2021	2030
Merck & Co., Inc. (NYSE:MRK)	26 April 2021	2030
Yum! Brands, Inc. (NYSE:YUM)	26 April 2021	2050
Polymetal International plc (LSE:POLY)	27 April 2021	2022
Evergy, Inc. (NYSE:EVRG)	30 April 2021	2045
Turning Point Brands, Inc. (NYSE:TPB)	3 May 2021	2031
Avery Dennison Corporation (NYSE:AVY)	4 May 2021	2050
Moody’s Corporation (NYSE:MCO)	4 May 2021	2050
Bed Bath & Beyond Inc. (NasdaqGS:BBBY)	5 May 2021	2040
Aptiv PLC (NYSE:APTV)	6 May 2021	2040
Iron Mountain Incorporated (NYSE:IRM)	6 May 2021	2040
Prudential plc (LSE:PRU)	7 May 2021	2050
Compass Group PLC (LSE:CPG)	10 May 2021	2030
Antofagasta plc (LSE:ANTO)	12 May 2021	2050
Henry Schein, Inc. (NasdaqGS:HSIC)	12 May 2021	2050
Keysight Technologies, Inc. (NYSE:KEYS)	17 May 2021	2040
Albemarle Corporation (NYSE:ALB)	2 June 2021	2050
Pentair plc (NYSE:PNR)	2 June 2021	2050
The Interpublic Group of Companies, Inc. (NYSE:IPG)	9 June 2021	2040
Tyson Foods, Inc. (NYSE:TSN)	9 June 2021	2050
United Parcel Service, Inc. (NYSE:UPS)	9 June 2021	2050
BorgWarner Inc. (NYSE:BWA)	15 June 2021	2035
DS Smith Plc (LSE:SMDS)	15 June 2021	2050
Equinix, Inc. (REIT) (NasdaqGS:EQIX)	16 June 2021	2030
Devon Energy Corporation (NYSE:DVN)	21 June 2021	2050
Unitil Corporation (NYSE:UTL)	21 June 2021	2050
Carnival Corporation & plc (NYSE:CCL)	22 June 2021	2050
Conn’s, Inc. (NasdaqGS:CONN)	24 June 2021	2050
The Sage Group plc (LSE:SGE)	24 June 2021	2040
Ball Corporation (NYSE:BLL)	29 June 2021	2050
Lam Research Corporation (NasdaqGS:LRCX)	29 June 2021	2050
American International Group, Inc. (NYSE:AIG)	30 June 2021	2050
Signet Jewelers Limited (NYSE:SIG)	30 June 2021	2050
DigitalBridge Group, Inc. (NYSE:DBRG)	6 July 2021	2030
Johnson Controls International plc (NYSE:JCI)	7 July 2021	2040
Baxter International Inc. (NYSE:BAX)	8 July 2021	2040
Halma plc (LSE:HLMA)	8 July 2021	2040

Figure A1. The industry distribution of firms (in this study).