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Managers engage in CSR practices improvement strategies, not randomly, but taking into account the anticipation of the marginal financial impact of these strategic decisions. The purpose of this article is to raise awareness among researchers, in the field of social issues in management, about endogeneity bias that plagued the econometric models used so far. This article offers an approach for understanding endogeneity bias in studies based on panel data models. It presents statistical demonstrations of possible sources of endogeneity (i.e., omissions of variables, simultaneity, measurement errors), and provides an overview of the most commonly used econometric methods to overcome them. Finally, this article shows the superiority of the Generalized Method of Moments (GMM) in the case of studies based on panel data.