*3.1. Descriptive Statistics and Correlation Matrix*

Table 2 provides a condensed view of various descriptive statistics for all independent variables. The average values of ROA and ROE were −8.317% and 27.39%, respectively. The Beta coefficient was 1.447. The average earnings before interest were EUR 467,626,496.818. Descriptive statistics are presented in Table 3 separately for companies that have implemented CSR and for other companies.


**Table 2.** Descriptive statistics of the sample firms.

 

**Table 3.** Comparison of variables of companies that confirmed and did not confirm CSR adoption.


SD—Standard Deviation; Q1—first quartile; Q3—third quartile.

Based on the analysis of data, 72.6% of the companies adopted CSR. We found statistically significant differences between companies that confirmed and did not confirm CSR adoption in terms of ROA and EBIT. The average ROA in companies that confirmed CSR adoption was two times higher than among companies that did not confirm CSR adoption. The average values of ROA were −6.15% and −13.131% for companies that adopted and did not adopt CSR, respectively. In terms of the value of EBIT, we observed that it was almost 30 times higher among companies that adopted CSR compared to the other companies covered by the analysis. We did not observe a statistically significant difference between companies that adopted and did not adopt CSR in terms of ROE, Beta coefficient, EBITDA per Share, and EV EBITDA.

Table 4 presents correlations between the analyzed variables. We found a positive correlation between ROA and ROE, ROA and EBIT, as well as the Beta coefficient and EBIT. A positive correlation indicated that the variables increased or decreased together. The pairwise correlation coefficients were less than 0.4, indicating multicollinearity, and were not observed in the model.


**Table 4.** Spearman correlations coefficient between independent variables.

\* Correlation is significant at the 0.05 level (2-tailed).
