extant studies use relatively coarsegrained
measures for CSR (e.g., usually a single,
monolithic measure of CSR or a single proxy
such as disclosure or philanthropic giving). We
continue a trend in the literature toward modeling
CSR activities as a set of heterogeneous firm
actions (e.g., Godfrey, Hatch, and Hansen, 2008;
Hillman and Keim, 2001; Mattingly and Berman,
2006)—thereby avoiding the trap of aggregating
what may be different things into a single monolithic
construct (Entine, 2003).