“…Several control variables have been included in the models to control factors that potentially effect firm value. Wecontrolled for firm size, firm age, leverage, debt, and liquidity, based on the extensive review of studies that used Tobin's Q as a measure for firm value (e.g., Fosu, Danso, Ahmad, & Coffie, 2016;Kuzey & Uyar, 2017;Lozano, Martínez, & Pindado, 2016;Saeidi, Sofian, Saeidi, Saeidi, & Saaeidi, 2015;Trumpp & Guenther, 2017). Variables description and measurements can be seen in Appendix A. Eco-friendly production 1.…”