*4.1. Descriptive Statistics*

Table 3 shows the means and standard deviations for all study variables. The correlation analysis between all variables shows significant correlations between some independent variables. As presented in Table 3, there is some multicollinearity between the behaviour aspects of religiosity and the attitudinal variables, and between the CSR behaviour variables and the CSR attitudinal variables. As this may affect the statistical results of the impact of these variables on both CSR behaviour and attitudes, the Variance Inflation Factor (VIF) was used to check whether these correlations would bias the study findings [45].


**Table 3.** Descriptive Statistics and Correlation Coefficients.

Note: 1: CSR Behaviour in general; 1a: Internal Stakeholders; 1b: External Stakeholders; 1c: Diversity (Human Rights); 1d: Natural Environment; 2a: Cognitive Aspect of Religiosity; 2b: Intrinsic Religiosity; 2c: Extrinsic Religiosity; 2d: Behavioural Aspects of Religiosity; 3: Attitude toward CSR as a Financial Responsibility; 4: Attitude toward CSR as a Legal Responsibility; 5: Attitude toward CSR as an Ethical Responsibility; 6: Attitude toward CSR as a Philanthropic Responsibility; 7: Age; 8: Gender; 9a: Owner; 9b: CEO; 9c: Senior Manager; 10a: Manufacturing; 10b: Construction; 10c: Trade; 10d: Financial Services, and 10e: Other services. \* *p* < 0.05, \*\* *p* < 0.01.

#### *4.2. Religiosity and Attitudes toward CSR*

Based on our first research question: 'How do various aspects of Egyptian Managers' religiosity influence their attitudes toward CSR?', we tested the impact of the four aspects of religiosity (e.g., cognitive, intrinsic, extrinsic, and behaviour) on the Egyptian Muslim managers' attitude toward CSR as financial, legal, ethical, and philanthropic responsibility. Table 4 presents the results of the regression analyses that tested this impact. The results show that the behavioural aspect of religiosity is the only religious variable that affects the Egyptian Muslim managers' attitude toward CSR. However, this effect is complex as it implements contrasting impacts on the different attitudes toward CSR. Although it has a negative influence on managers' attitude toward CSR as a legal responsibility, it performs a positive impact on managers' attitude toward CSR as an ethical responsibility. None of the religious variables had a significant impact on the managers' attitude toward CSR as a financial or a philanthropic responsibility [11,16,47].



Note: Unstandardized Coefficients are shown, with standard errors in parentheses. \* *p* < 0.05, \*\* *p* < 0.01.

#### *4.3. Religiosity, Attitude toward CSR and CSR Behaviour*

To answer our second research question: 'How do Egyptian Managers' attitudes toward CSR influence their CSR behaviour?' we tested the relationship between managers' attitudes toward CSR and their CSR behaviour. As the four attitudes are jointly dependent, they cannot be comprised together in the regression test. Table 4 above shows that religiosity neither affects financial nor philanthropic attitudes. We used these variables as reference variables and thus included only legal and ethical attitudes in further analyses.

Table 5 presents the results of the regression models, relating the CSR behaviour of cognitive, intrinsic, extrinsic, and behaviour aspects of religiosity to legal and ethical attitudes. In Model 5, CSR behaviour is used as a common notion including all 16 items of the CSR scale. In Models 6 to 9, the four specific types of CSR behaviour, as stated in the factor analysis, are the dependent variables. To control potential multicollinearity problems, we measured the VIF. As seen in Table 5, the highest value of the VIF was 1.9 for Models 6 to 9, which is below the limit of 5.00 [45]. This implies that the multicollinearity between the contained attitudinal variables does not affect the findings of the regression analysis reported in Table 5. Table 5 also shows that managers' attitudes toward CSR did not affect their CSR behaviour. Model 5 shows that the attitudes toward CSR as legal and ethical responsibilities did not contribute to CSR behaviour in general.


**Table 5.** Religiosity, Attitudes to CSR, and CSR Behaviour.

Note: Unstandardized Coefficients are shown, with standard errors in parentheses. \* *p* < 0.05, \*\* *p* < 0.01, \*\*\* *p* < 0.001.

Regarding the direct impact of religiosity on CSR behaviour, Model 8 shows that the cognitive aspects of religiosity have a significant negative impact on CSR behaviour in terms of diversity. We also did not find a significant association between the cognitive aspects of religiosity and CSR behaviour in general (Model 5) or CSR behaviour regarding internal stakeholders, external stakeholders, and the natural environment (Models 6, 7, and 9). Model 5 shows that intrinsic religiosity has a significant positive impact on CSR in terms of CSR behaviour, and on CSR behaviour regarding external stakeholders. Furthermore, there was no significant association between intrinsic religiosity and CSR behaviour regarding internal stakeholders (Model 6), diversity, and the environment (Models 8, and 9). Extrinsic

religious orientation and behavioural aspects of religiosity had no significant impact on any kind of CSR behaviour.
