Bird et al., (2006) analysed the causation between CSR activities and corporate performance for the period of 1991 to 2003 on 650 US companies. They concluded that the availability of discretionary resources was the primary motivating driver that instigated management to fund CSR activities. The research used a Granger causality test and an impulse-response function with variance decomposition for long time series of data to determine the sign, frequency, intensity and, specially, the order of the relationship between the variables. The study showed stronger relationship between Free Cash Flow and CSR activities rather than between performance measures and CSR activities.