**4.2 Variables' descriptions**

**Tables 1** and **2** present the variables' description used to conduct our study. In **Table 1**, we consider the Natural logarithm of patents (Ln\_PA + 1) as an innovation proxy, which is the independent variable. The CSR measures are the dependent variables. The ESG presents the global score of the CSR while the specific environmental, social and governance scores are presented respectively by the ENV, SOC and GOV. **Table 2** describes our controls. Based on the prior research, we selected the board specifies, the ownership structure and the financial performance variables.
