A dichotomous procedure is applied to determine the CSR disclosure index, whereby
a score of “1” is given if an item is disclosed, and “0” if not. The CSR disclosure for a
company score is calculated as a ratio of the actual score awarded for the company to the
maximum possible disclosure score (Haniffa and Cooke, 2005; Ghazali, 2007; Barako
and Brown, 2008; Said et al., 2009; Khan, 2010). The number of disclosure items in this
study is 36, representing the maximum disclosure score, as illustrated in the following
formula: