Note(s): This table reports the regression estimates separately for the samples with high and low agency costs. The sample is classified into firms with high and low agency based on their free cash flows. Firms with free cash flow higher than (equal to or lower than) the sample median are placed in the sample group with high (low) agency costs groups. The independent variable is CSR, measured by a firm's CSR score and its two individual components, i.e. environmental and social scores. The moderating variable is a firm's CSR committee, a dummy variable that indicates a value of 1 if a firm has a CSR committee and 0 otherwise. We also control for firm-level financial and governance variables, namely, leverage, size, sales growth, R&D, board size, board independence, institutional quality (IQ) and gross domestic product (GDP) growth. We estimate the models using OLS regression with year and industry fixed effects. Moreover, standard errors are adjusted for heteroscedasticity and serial correlation using clustering at the firm level. t-statistics are reported in the parentheses, whereas the *, ** and *** portray statistical significance at the 10%, 5% and 1% levels, respectively