“…Concerning informal institutions, previous studies have addressed the effects of guanxi (such as political connections, professional connections, etc; Liu, Luo, & Tian, ), culture (Karam & Jamali, ), and media coverage (Reverte, ) on firm decisions (CSR included). Religion, as an important informal institution, has a great influence on people's behavior and firm decision making (Barro & McCleary, ; Gundolf & Filser, ; Hilary & Hui, ). Religion is also relevant to the information asymmetry and agency problem in a firm (Du, ), which is closely associated with CSR.…”