“…First, most previous studies have been evaluated the impact of CSRD activities either internal or external particularly on organizational financial performance (e.g., Bayoud, 2012;Beck, Frost, & Jones, 2018;Eccles, Ioannou, & Serafeim, 2014;Hou, 2018;Rasheed, Arshed, Malik, & Mahmood, 2018;Tang, Hull, & Rothenberg, 2012;Yang & Baasandorj, 2017). Third, most studies emphasized on existing and secondary data (e.g., Arrive & Feng, 2018;De Bakker et al, 2005;Reverte, 2009;White et al, 2017;Yang & Baasandorj, 2017). Second, most of the past studies have been accomplished in developed countries within distinct domains (e.g., Adams, Coutts, & Harte, 1995;Barthorpe, 2010;Bayoud, 2012;Deegan & Gordon, 1996;Eccles et al, 2014;Gamerschlag, Möller, & Verbeeten, 2011;Reverte, 2009;White, Nielsen, & Valentini, 2017), whereas this research contributes from the developing country, Pakistan.…”