Note(s): Multivariate analysis results of the Generalised Method of Moments. CSR_DISC is the ratio between the aggregation of 123 items concerning social and environmental issues and the total items (123); CASH_HOLD is the ratio between the ratio of cash and cash equivalents divided by total assets; BOARD_GEN_DIVER is the ratio between the total number of female directors on the board divided by the total number of board directors; ROA is the proportion of operate income before interests and taxes over total assets; LEV is the ratio calculated as the ratio of total debt to total assets; SIZE is the logarithm of total assets; BOARD_IND is the proportion of independent directors on boards; BOARD_SIZE is the number of directors on corporate boards; BOARD_MEET is the number of meetings held by boards a year; CEODUALITY is the dummy variable that takes the value 1 if the same person serves simultaneously as CEO and President of the board and 0, otherwise; CSR_COMMIT is the dummy variable that takes the value 1 if the company has a CSR committee, and 0 otherwise; Basic Materials if the company operates in Basic Materials sector and 0, otherwise; Consumer Cyclical if the company operates in Consumer Cyclical sector and 0, otherwise; Consumer Non-Cyclical if the company operates in Consumer Non-Cyclical sector and 0, otherwise; Energy if the company operates in Energy sector and 0, otherwise; Healthcare if the company operates in Healthcare sector and 0, otherwise; Industrials if the company operates in Industrials sector and 0, otherwise; Technology if the company operates in Technology sector and 0, otherwise; Telecommunication Services if the company operates in Telecommunication Services sector and 0, otherwise; Utilities if the company operates in Utilities sector and 0, otherwise. *p-value < 0.1 **p-value < 0.05 ***p-value < 0.01