“…The body of literature in the field of CSR and corporate governance has contributed to a wide range of empirical evidence, which underpins this research with regard to developing the research hypotheses. The fabric of empirical evidence that has been found in the prior literature has been explained using various theoretical lenses, including agency cost (Brown et al , 2006; Houqe et al , 2019; Masulis and Reza, 2014; Seifert et al , 2003; Wang and Coffey, 1992), stakeholder theory (Brammer and Millington, 2004, 2006; Hillman and Keim, 2001), the theory of planned behavior (Dennis et al , 2009) and social identity theory (Clevenger et al , 2019). The empirical model elaborated here will be discussed using a stakeholder theory lens (Brammer and Millington, 2004; Carroll, 1979; Jensen, 2002; Roberts, 1992).…”