Author Response Dear Reviewer 1, We are sending you the second version of our paper.
Methodological issues: 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.