Table 2 presents the descriptive of the key variables for the 149 firms that participated in the 2021 survey. The dependent variable CSLevel is firm’s CS level coded as Pre-CS level, Compliance-driven CS level, Profit-driven CS level and Caring CS level with scores 1–4, respectively, whereas responses classified as Synergistic CS level and Holistic CS level were assigned a score of 5 (as the Synergistic and Holistic CS levels were joined due to low number of responses in the latter category). The independent variables are: %WomenBoard − a percentage of female board members on board; FemCEO − a dummy variable taking a value of one if the CEO is a woman, and zero otherwise; FemChair − a dummy variable taking a value of one if the Chair of the board is a women, and zero otherwise; AvgageBoard − the average age of the board members; ExtCEO − is a dummy variable taking a value of one if the CEO is external (not a member of the board) and zero otherwise; and VolReporter − a dummy variable taking a value of one if the firm reported on CS voluntarily before the NFRD, and zero otherwise. The control variables are: SizeBoard − size of the board; ROA − profitability calculated as return on assets; Leverage − calculated as long-term debt by total assets; and FirmSize − calculated as log of total assets