*2.3. Research Model*

In the second stage of our research, we estimated the correlation between the independent variables. Following that, we specified and estimated a logit model in order to examine the impact of identified independent variables on CSR adoption. Several authors already used the logit model in similar research studies [36,66,67].

The model is specified as follows:

$$\begin{aligned} \text{logit (Probability of CSR adsorption)} &= \beta 0 + \beta 1 (\text{ROA}) + \beta 2 (\text{ROE}) + \beta 3 (\text{EBIT}) \\ &+ \beta 4 (\text{EBITDA per share}) + \beta 5 (\text{EV EBITDA}) + \beta 6 (\text{BETA}) + \varepsilon \end{aligned} \tag{1}$$

Data were analyzed based on descriptive statistics, such as means, standard deviations, medians, and interquartile ranges. Differences were calculated with the Mann–Whitney test. A *p*-value of less than 0.05 was considered statistically significant. We used STATISTICA, (TIBCO Software INC., Statsoft Polska, version 13.3, Palo Alto, CA, USA).
