Note(s): This table reflects results of FGLS estimates for regression model. The dependent variable is a proxy of CSR performance, ESG SCORE. The variable of interest:the CEO facial masculinity, MASCUL. The sample selection process is described in Table 1, and all variables are defined in Table 2. All continuous independent variables were Winsorized at the 1st and 99th percentiles. The model includes year, industry and firm fixed effects. ***, **, and * indicate significance at the 1%, 5%, and 10% levels, respectively