Thank you for your suggestion, we have included in the control variable paragraph more information to provide justifications on why those control variables are considered in this study. 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
Your empirical model needs to be reconsidered. Indeed, I believe you have some omitted control variables which may cause an endogeneity issue and drive your findings