“…When competition is intense, engaging in CSR activities may become an important device to signal the unobserved quality of the management team and helps CSR‐conscious firms to gain access to several cheap financial resources (Fernández‐Kranz & Santaló, ). Some studies examine CSR from the perspective of external environments, such as national culture, economic development, market completion, institutional context, global diversification, and pressure (Fernández‐Kranz & Santaló, ; Ferri, Oelze, Habisch, & Molteni, ; Ghosal, ; Luo, Tang, & Peng, ; Li et al, ).…”