Table 3 Correlation analysis Var GI ESG...

Table 3

Correlation analysis

Var	GI	ESG	Gov	Age	Size	Lev	Growth	RD	Indep	TQ	Duality
GI	1
ESG	0.209***	1
Gov	0.066***	0.027***	1
Age	0.067***	0.022**	0.234***	1
Size	0.422***	0.279***	0.205***	0.359***	1
Lev	0.204***	−0.033***	0.059***	0.256***	0.452***	1
Growth	0.017*	−0.017*	−0.0150	−0.051***	0.025***	−0.00200	1
RD	0.070***	0.00100	−0.151***	−0.224***	−0.287***	−0.328***	−0.040***	1
Indep	0.054***	0.069***	−0.020**	−0.018**	0.043***	0.00900	−0.00500	0.063***	1
TQ	−0.136***	−0.096***	−0.123***	−0.076***	−0.346***	−0.162***	0.025***	0.189***	0.033***	1
Duality	0.029***	0.052***	0.099***	0.195***	0.135***	0.088***	−0.025***	−0.146***	−0.104***	−0.059***	1

Var	GI	ESG	Gov	Age	Size	Lev	Growth	RD	Indep	TQ	Duality
GI	1
ESG	0.209***	1
Gov	0.066***	0.027***	1
Age	0.067***	0.022**	0.234***	1
Size	0.422***	0.279***	0.205***	0.359***	1
Lev	0.204***	−0.033***	0.059***	0.256***	0.452***	1
Growth	0.017*	−0.017*	−0.0150	−0.051***	0.025***	−0.00200	1
RD	0.070***	0.00100	−0.151***	−0.224***	−0.287***	−0.328***	−0.040***	1
Indep	0.054***	0.069***	−0.020**	−0.018**	0.043***	0.00900	−0.00500	0.063***	1
TQ	−0.136***	−0.096***	−0.123***	−0.076***	−0.346***	−0.162***	0.025***	0.189***	0.033***	1
Duality	0.029***	0.052***	0.099***	0.195***	0.135***	0.088***	−0.025***	−0.146***	−0.104***	−0.059***	1

Note(s): ***, ** and * indicate significant confidence levels at 1, 5 and 10%, respectively, with robust based standard false t-values in parent theses similarly here in after; TobinQ – TQ and Var. – variables

Source(s): Developed by the authors

[ViewLarge]

Sharing Unavailable