“…It has been argued that the voluntary disclosure of information can allow the firm to have greater access to resources (Jensen, 2002), such as reducing the external cost of capital (Botosan, 2006;Beiner et al, 2006;Ahmed et al, 2019), reducing earnings management and tax avoidance (Liu and Lee, 2019;Sial et al, 2019), reducing reputational risk (Hogan and Lodhia, 2011) and reducing political costs (Cheung et al, 2010), ultimately improving the value of the firm (Ntim et al, 2012); moreover, managing ties with key stakeholders may mitigate the likelihood of negative regulatory action (Freeman, 1984;Berman et al, 1999;Hillman and Keim, 2001). CSR choices, such as both financial and non-financial employee benefits, will enhance employees' productivity and/or financial performance.…”