“…Meanwhile, according to hypothesis H3, the significant benefits of financial statement comparability should allow firms easy access to capital markets at low cost, resulting in a positive correlation between financial statement comparability and financial performance. In addition, a large amount evidence also supports the view that positive signals through CSR disclosure cannot only directly affect financial performance but also indirectly through other mediators, such as competitive advantage, reputation and customer satisfaction [2,4], access to capital [3], productivity [5], visibility [6], natural and social resources [7], or stakeholder influence capacity [8]. Therefore, in agreement with these studies, we hypothesize H4 as follows:…”