“…The extensive dataset is comprised of 4,500 publicly listed companies that appear in the Dow Jones Sustainability Indices (DJSI) and the Standard and Poor's ESG Factor Weighted Index. CSA data has been validated in previous corporate social responsibility studies (Churet and Eccles, 2014;Eccles, 2015;Russell and Friend, 2018;Taylor, et al, 2018;Olkkonen and Quarshie, 2019;Campra et al, 2020). Data from the 2018 Robeco Corporate Sustainability Assessment (CSA) used in this study has been used in Clarkson et al's., (2019) study of the impact of CSR reports and the likelihood of inclusion in the DJSI and on market valuation; Durand et al's., research on the effect of CSR activism on a firm's stock price; and Lopez et al's., study of the lack of uniform standards among rating providers.…”