3. The CSR budget was to be created through a board resolution, with firms making less than 100 crore (USD10 million), setting aside 3‐5 per cent of their net profit; those making 100‐500 crore, setting aside 2‐3 per cent; and those making net profit more than Rs 500 crore (USD50 million), setting aside 0.5‐2 per cent) of the net profit of the previous year. CSR‐planned initiatives are also to form as part of the Memoranda of Understanding (MOU) to be signed between a CPSE and the government which essentially is an organisational‐level performance agreement. 4. Promoter is defined in clause (h) of sub‐regulation of Regulation 2 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997. Owner‐managed company is very common in India, and, in most of the cases, the owners are family members (Johl et al., 2010). 5. Consistent with Brammer and Millington (2005), chemical, resource extraction and utilities sectors are defined as having high environmental impacts