Table 1 Descriptive statistics and... | Emerald Publishing

Table 1

Descriptive statistics and correlations^a

Variables	M	SD	1	2	3	4	5	6	7	8	9	10	11	12
1. Return on assets	0.03	0.18	1.00
2. Return on assets_t₋₁	0.04	0.19	0.50***	1.00
3. Firm age (ln)	3.44	1.06	0.16***	0.17***	1.00
4. Firm size (ln)	12.73	1.90	0.24***	0.21***	0.25***	1.00
5. Board size	9.01	3.17	0.14***	0.13***	0.25***	0.64***	1.00
6. Block ownership	0.43	0.23	0.18***	0.12**	0.30***	−0.02	−0.01	1.00
7. CEO ownership	0.23	0.29	0.17***	0.18***	0.05	−0.06*	−0.15***	0.59***	1.00
8. Board heterogeneity	0.49	0.10	0.12***	0.11**	0.21***	0.15***	0.38***	0.06	0.03	1.00
9. Firm leverage	0.56	0.28	−0.39***	−0.14***	0.02	0.02	0.00	0.05	−0.01	−0.09**	1.00
10. Social category faultlines	0.13	0.12	0.03	0.03	0.12***	0.22***	0.27***	0.08**	0.08**	0.13***	0.01	1.00
11. Informational faultlines	0.17	0.08	0.03	0.05	0.12***	0.25***	0.44***	−0.12***	−0.12***	0.41***	−0.07**	0.15***	1.00
12. Informational faultlines²	0.03	0.03	0.04	0.06	0.10***	0.21***	0.38***	−0.11***	−0.11***	0.34***	−0.06*	0.12***	0.95***	1.00

Variables	M	SD	1	2	3	4	5	6	7	8	9	10	11	12
1. Return on assets	0.03	0.18	1.00
2. Return on assets_t₋₁	0.04	0.19	0.50***	1.00
3. Firm age (ln)	3.44	1.06	0.16***	0.17***	1.00
4. Firm size (ln)	12.73	1.90	0.24***	0.21***	0.25***	1.00
5. Board size	9.01	3.17	0.14***	0.13***	0.25***	0.64***	1.00
6. Block ownership	0.43	0.23	0.18***	0.12**	0.30***	−0.02	−0.01	1.00
7. CEO ownership	0.23	0.29	0.17***	0.18***	0.05	−0.06*	−0.15***	0.59***	1.00
8. Board heterogeneity	0.49	0.10	0.12***	0.11**	0.21***	0.15***	0.38***	0.06	0.03	1.00
9. Firm leverage	0.56	0.28	−0.39***	−0.14***	0.02	0.02	0.00	0.05	−0.01	−0.09**	1.00
10. Social category faultlines	0.13	0.12	0.03	0.03	0.12***	0.22***	0.27***	0.08**	0.08**	0.13***	0.01	1.00
11. Informational faultlines	0.17	0.08	0.03	0.05	0.12***	0.25***	0.44***	−0.12***	−0.12***	0.41***	−0.07**	0.15***	1.00
12. Informational faultlines²	0.03	0.03	0.04	0.06	0.10***	0.21***	0.38***	−0.11***	−0.11***	0.34***	−0.06*	0.12***	0.95***	1.00

Notes: ^a106 public firms (representing 804 firm-year observations) from 2006 to 2014. *p < 0.1; **p < 0.01; ***p < 0.001

Source: Created by authors