Table 6.

Hypotheses results.

Hypothesis	Results
H1a: There is a positive relationship between ICs and CSR.
HCE and CSR, SCE and CSR	Reject
CEE and CSR	Accept
H1b: There is a positive relationship between ICs and ENV.
HCE and ENV, SCE and ENV	Reject
CEE and ENV	Accept
H1c: There is a positive relationship between ICs and SOC.
HCE and SOC, SCE and SOC	Reject
CEE and SOC	Accept
H1d: There is a positive relationship between ICs and GOV.
HCE and GOV, SCE and GOV, CEE and GOV	Reject
H2: There is a positive relationship between ICs and financial performance.
HCE and ROA, SCE and ROA	Reject
CEE and ROA	Accept
HCE and Tobin’s Q, SCE and Tobin’s Q	Reject
CEE and Tobin’s Q	Accept
H3a: The higher the financial performance, the higher will be the CSR ratings.	Reject
H3b: The higher the financial performance, the higher will be the ENV ratings.	Reject
H3c: The higher the financial performance, the higher will be the SOC ratings.
ROA and SOC	Accept
Tobin’s Q and SOC	Reject
H3d: The higher the financial performance, the higher will be the GOV ratings.	Reject
H4a: Financial performance mediates the relationship between ICs and CSR.
ROA mediation, HCE and CSR, SCE and CSR, CEE and CSR	Reject
Tobin’s Q mediation, HCE and CSR, SCE and CSR	Reject
CEE and CSR	Partially
H4b: Financial performance mediates the relationship between ICs and ENV.
ROA mediation, HCE and ENV, SCE and ENV, CEE and ENV	Reject
Tobin’s Q mediation, HCE and ENV, SCE and ENV	Reject
CEE and ENV	Partially
H4c: Financial performance mediates the relationship between ICs and SOC.
ROA mediation, HCE and SOC, SCE and SOC, CEE and SOC	Reject
Tobin’s Q mediation, HCE and SOC, SCE and SOC, CEE and SOC	Partially
H4d: Financial performance mediates the relationship between ICs and GOV.
ROA mediation, HCE and GOV, SCE and GOV	Reject
CEE and GOV	Partially
Tobin’s Q mediation, HCE and GOV, SCE and GOV	Reject
CEE and GOV	Partially