22 CHAPTER V RECOMMENDATION AND CONCLUSION 5.1 Recommendations for Future Research Limitations exist within this study that could be addressed by future research. Firstly, studies may observe ESG changes over a longer time horizon than the one year difference utilized to find the potential long term effects of CEO compensation, without the potential volatility present in short term changes. Secondly, further research can utilize more concrete and accurate information that may not be publicly available on the international experience of CEOs, or from a reputable database. Some public available data on CEO international experience can be vague or unavailable, and not representative of the actual experience they have actually undergone. Thirdly, further research could use multiple ESG ratings from various providers in order to address the potential differences within the rating methodologies and to better capture a firm’s CSR activities. Finally, other theories explaining as to what may affect a company’s CSR and its growth could be utilized and more variables could be investigated to explain changes in ESG ratings, as the low R-squared value obtained from the regression indicate that there are other variables unaccounted for that are responsible for the changes in ESG ratings. This may include studying the growth in CSR and their determinants in different regions, external factors such as market conditions, or internal ones such as smaller company sizes, or their attributes such as corporate governance quality. 5.2 Conclusion This study aims to investigate the relationship between CEO equity-based compensation and CSR growth through ESG change, while examining the role of CEO international experience as a moderating variable. The first hypothesis that higher proportions of equity-based compensation negatively affects CSR growth cannot be supported by this study, as shown by the insignificant effect of Transformed EBCR Centered on ESG Change. The second hypothesis that a higher duration of CEO international experience weakens the relationship present in the first hypothesis is also not supported, as indicated by the insignificant moderating effect of CEO International experience between equity-based compensation and ESG change.