Table 2 Maximum likelihood estimation of the absolute amount of family involvement and CSR investment
| Model 1.1 | Model 1.2 | Model 1.3 | Model 1.4 | |
|---|---|---|---|---|
| Charitable donation | Pollution control investment | Social security investment | Training investment | |
| B/S.E. | B/S.E. | B/S.E. | B/S.E. | |
| 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 |