**7.3 Limitations**

This study is not free of limitations. Due to data limitations, we studied the CSR spending for the domestic private commercial banks, although there are foreign and state-owned commercial banks. Also, we did not examine the role of ownership and audit elements in motivating CSR spending by banks, which may have critical implications for CSR spending. An analysis by decomposing the banks into different age groups may provide further insight in this respect. In addition, our results may not remain consistent if estimation issues, such as reverse causality and endogeneity, are considered. We leave all those issues as avenues for future research.
