Table 3

Pearson’s correlation matrix (N = 590)

(1)(2)(3)(4)(5)(6)(7)(8)(9)(10)(11)(12)(13)(14)(15)(16)(17)(18)(19)
(2)0.14*1.00                 
(3)0.15*0.12*1.00                
(4)−0.070.010.041.00               
(5)0.11*0.28*0.050.061.00              
(6)0.30*−0.04−0.10*−0.050.031.00             
(7)−0.13*0.11*0.07−0.01−0.08−0.041.00            
(8)0.33*0.20*0.12*0.00−0.10*−0.17*0.42*1.00           
(9)0.84*0.020.09*−0.070.18*0.41*−0.38*−0.24*1.00          
(10)0.65*0.15*0.20*−0.050.010.29*−0.050.25*0.52*1.00         
(11)0.28*0.18*0.10*0.00−0.04−0.12*0.37*0.78*−0.17*0.48*1.00        
(12)0.58*0.070.18*−0.050.040.40*−0.26*−0.15*0.69*0.87*−0.021.00       
(13)−0.050.040.020.01−0.02−0.050.000.00−0.04−0.040.00−0.051.00      
(14)0.33*0.070.21*−0.060.050.080.020.23*0.20*0.28*0.20*0.21*−0.09*1.00     
(15)0.03−0.04−0.020.09*−0.060.06−0.02−0.09*0.080.04−0.050.080.07−0.041.00    
(16)0.070.060.19*0.04−0.020.010.060.12*0.000.13*0.09*0.09*0.000.000.031.00   
(17)0.09*0.20*0.39*0.020.07−0.030.000.000.10*0.020.010.020.010.15*0.000.10*1.00  
(18)−0.010.11*0.040.23*0.08−0.010.09*0.13*−0.080.020.11*−0.04−0.03−0.03−0.050.050.071.00 
(19)−0.070.08−0.01−0.010.00−0.15*0.060.04−0.09*−0.050.08−0.10*0.00−0.05−0.05−0.020.10*0.071.00
(20)0.080.13*0.33*0.090.13*−0.14*−0.04−0.020.09*−0.10*−0.11*−0.05−0.030.20*0.030.09*0.42*0.060.05
(21)0.00−0.030.070.050.11*−0.11*−0.050.02−0.01−0.10*−0.10*−0.06−0.010.40*0.030.070.14*0.070.04
(22)−0.19*−0.18*−0.19*−0.06−0.15*0.11*−0.18*−0.26*−0.04−0.10*−0.19*−0.010.01−0.19*0.07−0.06−0.13*−0.11*−0.21*
(23)0.040.14*0.11*0.16*0.06−0.020.080.21*−0.080.22*0.27*0.10*−0.010.09*0.020.09*0.050.090.08
(24)0.080.010.15*−0.02−0.08−0.030.080.21*−0.040.10*0.070.08−0.010.19*0.010.19*0.09*0.070.17*
(25)0.040.050.080.11*0.010.020.09*0.10*−0.020.000.05−0.03−0.010.07*−0.09*0.030.11*0.080.12*
(26)0.12*0.15*0.22*0.020.13*−0.13*0.000.10*0.060.12*0.13*0.06−0.060.25*−0.070.060.10*0.12*0.05
(27)0.14*0.16*0.26*0.070.12*−0.15*0.080.10*0.09*−0.05−0.05−0.03−0.050.23*0.000.050.21*0.12*0.04
(28)0.18*0.20*0.32*0.070.20*−0.17*0.000.060.16*−0.04−0.08−0.01−0.09*0.26*0.000.12*0.25*0.11*0.05
(29)−0.11*−0.15*−0.17*0.01−0.060.06−0.29*−0.29*0.05−0.03−0.15*0.050.12*−0.14*0.05−0.02−0.05−0.17*−0.11*
(30)−0.02−0.040.010.02−0.04−0.03−0.010.08−0.07−0.08*0.01−0.09*−0.01−0.060.010.02−0.030.030.02
(31)0.070.00−0.04−0.04−0.03−0.020.030.010.060.03−0.010.040.050.000.020.06−0.03−0.030.05
(20)(21)(22)(23)(24)(25)(26)(27)(28)(29)
(20)1.00         
(21)0.11*1.00        
(22)0.09*−0.031.00       
(23)0.14*0.020.081.00      
(24)0.34*0.020.17*0.10*1.00     
(25)0.57*−0.050.16*0.15*0.42*1.00    
(26)0.72*−0.080.14*0.18*0.47*0.79*1.00   
(27)−0.20*−0.01−0.18*−0.29*−0.26*−0.28*−0.30*1.00  
(28)0.030.020.19*0.04−0.020.030.03−0.081.00 
(29)−0.03−0.090.030.030.000.010.00−0.02−0.021.00

Note(s): This table presents the Pearson’s correlations for the independent variables (1): ESG Size; (2): ESG Independence; (3): ESG Meeting; (4): ESG Attendance; (5): ESG Average Age; (6): ESG Board Chair; (7): ESG Female Chair; (8): ESG Female; (9): ESG Male; (10): ESG Interlock; (11): ESG Interlocking Female; (12): ESG Interlocking Female; (13): Discretionary Accrual; (14): AudComSize; (15): AudComInd; (16): AudComExp; (17): AudComMeet; (18): AudComAttend; (19): BIG4AUD; (20): MktCap; (21): Institutional Investors; (22) Leverage; (23): ROA; (24): AGE; (25): DPS; (26): PRICE; (27): R_Vol; (28): MTB; (29) GRI Guidelines. Asterisks show significance levels at 5%

Source(s): Authors’ own work

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