*4.4. Control Variables*

We used some control variables to avoid misspecification of the model and to limit its impact on the disclosure practices of ESG [48]. These control variables are the presence/absence of the CSR committee (CSR\_Com), board size (B\_SIZE), and the number of board meetings taken place in that reporting year (B\_MEET). Tobin Q (TQ) to measure financial performance, enforcement index (ENFORCE) to measure the audit environment enforcement activities, and regulatory quality (REQ\_QUALITY) to measure governments implementation of policies.

governance performance.
