| Dependent Variable Performance of firm i as measured by: | |
| ROA (%) | Return on assets = net income/total assets |
| ROE (%) | Return on equity = net income/total equity |
| TOBIN’S Q | Market value of a company divided by its assets’ replacement cost |
| Independent variables | |
| CSR_dummy | Dummy variable equals to 1 for companies which report CSR activities and 0 otherwise |
| Size | The natural logarithm of total assets |
| Leverage | Total debt/total assets |
| Sales annual growth (%) | sales2017/sales2016 |
| Year | The examined year |
| ei | error |