Variables | Expected signs on CSR | Definitions |

ASSET | + | Natural log of total asset |

SALEGRW | ? | Annual growth of the sales |

TOBINQ | + | Tobin’s Q ratio calculated as the book value of assets minus the book value of equities plus the market value of equities, divided by the book value of assets |

TOTRISK | ― | Standard deviation of daily stock return in 1 year |

RET | + | Annual stock return during the year |