*4.3. Independent Variables*

The main independent variables used in this study combine both micro and macro variables with the use of social governance performance indicators. The micro-level variables are board CSR orientation, board CSR strategy, and the adoption of the GRI sustainability reporting guidelines, while the macro-level variables are country–cultural dimensions based on the work of Hofstede's measures: individualism and collectivism, masculinity and femininity, and uncertainty avoidance. The study variables are explained in Table 2 below.


#### **Table 2.** Variable Definitions.


**Table 2.** *Cont.*
