Thank you for your suggestion. From a theoretical point of view, we find various references that explain how CSR index is calculated as the ratio between the aggregation of 140 items focused on environmental, social and economic issues and the total number of items analyzed, which codes as 1 if the firm disclose the CSR information related each item, and 0. Gallego‐Álvarez, I., & Pucheta‐Martínez, M. C. Corporate social responsibility reporting and corporate governance mechanisms: An international outlook from emerging countries. Business Strategy & Development 2020, 3(1), 77–97.
the dummy of CSR_index is too simple and cannot address the complexity of CSR strategy and CSR disclosure. And so is the independent variable. Many other important control variables should be introduced to the regression, such as, financial performance, the firm size, the firm age, the industry-fixed effects, the country-fixed effects. The results may not be robust without these controls.