Table 2 Maximum likelihood estimation of the absolute amount of family involvement and CSR investment

Gender (1 = male)

− 0.069

(0.275)

1.601*

(0.797)

− 1.100**

(0.418)

0.278

(0.364)

Education (1 = University and above)

0.266

(0.199)

− 0.858

(0.531)

1.358***

(0.333)

0.730**

(0.262)

Political connection (1 = yes)

2.037***

(0.208)

1.227*

(0.556)

0.114

(0.326)

0.845**

(0.264)

Diversity (1 = yes)

0.779***

(0.208)

− 0.361

(0.571)

− 0.555

(0.357)

0.529*

(0.266)

Manufacturing (1 = yes)

− 0.569**

(0.207)

4.445***

(0.519)

0.832**

(0.312)

0.158

(0.247)

Corporate history

0.089***

(0.021)

0.020

(0.058)

0.077*

(0.035)

0.007

(0.028)

Region (reference item: Eastern)

Central

− 0.465*

(0.235)

− 1.186⁺

(0.611)

− 2.432***

(0.382)

− 0.505⁺

(0.300)

Western

− 0.716**

(0.256)

0.225

(0.668)

− 1.165**

(0.396)

0.236

(0.311)

Number of employees

0.663***

(0.095)

2.535***

(0.254)

0.972***

(0.149)

1.478***

(0.122)

Sales

0.455***

(0.072)

0.518**

(0.187)

1.127***

(0.111)

0.687***

(0.092)

Sales margin

0.030***

(0.006)

0.063***

(0.016)

− 0.014

(0.012)

0.022**

(0.008)

Involvement of family ownership

0.784*

(0.360)

− 1.263

(0.860)

− 1.395**

(0.492)

0.008

(0.409)

Involvement of family management rights

0.728*

(0.300)

1.969*

(0.834)

− 1.886***

(0.554)

− 2.044***

(0.431)

Constant term

− 1.535**

(0.568)

− 20.514***

(1.500)

− 2.933**

(0.902)

− 6.198***

(0.719)

Sample size

2563

2603

1947

2649

Interception number on the left

555

1676

634

882

− 2 Log Likelihood

13,035.16

8572.64

9584.33

12,641.36