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. Pucheta-Martínez, M. C., & Gallego-Álvarez, I. (2021). The Role of CEO Power on CSR Reporting: The Moderating Effect of Linking CEO Compensation to Shareholder Return. Sustainability, 13(6), 3197. Moreover, we include a Table 1 to justify the items used in the Corporate social responsibility disclosure. Additionally, we have also introduced in the control variable paragraph more information to provide justifications on why those control variables are considered in this study. We had the firm size variable labelled as LTA which is calculated as logarithm of total assets. In this sense, we have used the control variables in line with previous research to avoid biased results. We have introduced the following references: Ali, W., Frynas, J., & Mahmood, Z. (2017). Determinants of corporate social responsibility (CSR) disclosure in developed and developing countries: A literature review. Corporate Social Responsibility and Environmental Management,24, 273–294 Barako, D., & Brown, A. (2008). Corporate social reporting and board rep-resentation: Evidence from the Kenyan banking sector. Journal of Management and Governance,12, 309–324 Brammer, S., Millington, A., & Pavelin, S. (2007). Gender and ethnic diversity among UK corporate boards. Corporate Governance: An International Review,15(2), 393–403 Chau, G., & Gray, S. (2010). Family ownership, board independence and voluntary disclosure: Evidence from Hong Kong. Journal of International Accounting, Auditing and Taxation,19(2), 93–109 Donnelly, R., & Mulcahy, M. (2008). Board structure, ownership, and voluntary disclosure in Ireland. Corporate Governance: An International Review,16(5), 416–429 Jizi, M., Salama, A., Dixon, R., & Stratling, R. (2014). Corporate governance and corporate social responsibility disclosure: Evidence from the US banking sector. Journal of Business Ethics,125(4), 601–615 Haniffa, R., & Cooke, T. (2005). The impact of culture and governance on corporate social reporting. Journal of Accounting and Public Policy,2 4(5), 391–430 Liao, L., Luo, L., & Tang, Q. (2015). Gender diversity, board independence, environmental committee, and greenhouse gas disclosure. The British Accounting Review, 47, 409–424 Reverte, C. (2009). Determinants of corporate social responsibility disclosure ratings by Spanish listed firms. Journal of Business Ethics,8 8,351–366
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.