PAT is based on the concepts of wealth maximization and individual self interest that underlie economic theory (Gray, Koughy, & Lavers, 1995b). The empirical result under PAT ( Table 3) with regard to the firms characteristic of bonus plan, is positively associated with corporate social and environmental disclosure. If managers is rewarded for their performances, such as: in stock exchange rates and/or accounting profits, they will attempt to increase the stock exchange rates and/or accounting profits to maximize their wealth (Deegan and Unerman, 2005) by disclosing their CSR activities in annual reports. As such, more CSR disclosure may lead to better firm performance, and the managers will be more rewarded (Banwarie, 2011). The second firm characteristic was LEV (proxied by debt to equity ratio). Non significant and inverse direction of the association between leverage and corporate social and environmental disclosure level was found in most years. According to Belkoui & Karpik (1989), the negative association can be caused by an argument that companies with a high leverage adhere to strict debt covenants. This decreases their abilities to spend resources on corporate social and environmental activities, as well as to disclose information about their social and environmental activities. Further research is needed to explore the debt/equity hypothesis in other contex or different time periods, as noted by Gray et al. (2001) that incosistency of previous results is a common feature of CSR research.