“…We have taken inspiration from the previous literature on the relationship between BGD and firm's CSP while selecting the control variables for this the study [71,81]. Here, we have included (ROA) return on assists [81,82] (Fage) firm age [83], (Fsize) firm size [83,84], Institutions share, (Bsize) board size [85], (SOE) state-owned enterprises, (Fgrowth) firm growth [86], (Growop) growth opportunity, (Fleverage) financial leverage [64,87] and (BINDEP) board independence [88,89].…”