Table 4 presents results of logistic regression (odds-ratio, i.e. exponentiated parameter estimates) explaining the CS level in a sample of 149 private Swedish firms embraced by a national sustainability reporting regulation following NFRD, based on a 2021 survey. CS levels are classified as Pre-CS, Compliance-driven, Profit-driven, Caring, Synergistic and Holistic, where the levels Synergistic and Holistic are merged into one category. The following independent variables are used in the models: %WomenBoard − a percentage of female board members on board and it is used to test H1; FemCEO − a dummy variable taking a value of one if the CEO is a woman, and zero otherwise, and it is used to test H2; FemChair − a dummy variable taking a value of one if the Chair of the board is a women, and zero otherwise, and it is used to test H3; AvgageBoard − the average age of the board members and it is used to test H4; 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 it is used to test H5; and VolReporter − a dummy variable taking a value of 1 if the firm reported on CS voluntarily before the NFRD, and zero otherwise. Furthermore, we control for the size of the board with the variable SizeBoard, and firms’ industry with the variable Industry based on Swedish Standard Industrial Classification (which are equivalent to EU Standard Industrial Classification), and other firm-level characteristics (i.e. profitability calculated as return on assets [ROA], leverage calculated as long-term debt by total assets [Leverage] and firm size calculated as log of total assets [FirmSize]). Standard robust errors in parenthesis; significance level *p < 0.1, **p < 0.05, ***p < 0.01