Table 3 Correlation analysis of the main...

Table 3

Correlation analysis of the main variables used in the analyses

Variables		1	2	3	4	5	6	7	8	9	10	11	12	13	14	15
1	ESG_it
2	CEO_CONV_it	−0.03
3	CEO_AGE_it	−0.02	0.12
4	CEO_SINGLE_it	−0.01	0.03	−0.17
5	CEO_EDU_it	0.17	−0.15	−0.03	−0.08
6	CEO_INCOME_it	0.09	0.05	0.10	−0.11	0.33
7	BOARD_CONV_it	−0.03	0.07	−0.04	0.04	−0.08	−0.02
8	BOARD_AGE_it	0.01	−0.01	0.17	−0.03	0.03	0.03	0.11
9	BOARD_SINGLE_it	−0.03	0.04	−0.02	0.20	−0.09	−0.07	0.04	−0.24
10	BOARD_EDU_it	0.17	−0.08	0.03	−0.08	0.49	0.33	−0.16	−0.04	−0.12
11	BOARD_INCOME_it	0.10	−0.02	−0.02	−0.07	0.30	0.58	0.06	0.11	−0.13	0.40
12	CEO_MALE_it	−0.04	0.17	0.01	−0.03	−0.09	0.10	0.00	−0.02	0.02	−0.03	0.02
13	BOARD_MALE_it	0.00	−0.03	−0.13	0.06	0.02	0.06	0.25	−0.00	0.02	−0.03	0.22	0.01
14	SIZE_it	−0.01	0.02	0.05	−0.08	0.21	0.53	0.01	0.06	−0.06	0.23	0.45	0.10	0.07
15	EQUITY RATIO_it	0.05	−0.04	0.15	−0.02	0.09	0.11	−0.06	0.07	−0.01	0.06	0.03	−0.03	−0.09	0.06
16	ROA_it	0.08	−0.03	−0.07	−0.00	0.09	0.10	−0.03	−0.10	−0.00	0.08	0.08	−0.01	−0.00	−0.08	0.29

Variables		1	2	3	4	5	6	7	8	9	10	11	12	13	14	15
1	ESG_it
2	CEO_CONV_it	−0.03
3	CEO_AGE_it	−0.02	0.12
4	CEO_SINGLE_it	−0.01	0.03	−0.17
5	CEO_EDU_it	0.17	−0.15	−0.03	−0.08
6	CEO_INCOME_it	0.09	0.05	0.10	−0.11	0.33
7	BOARD_CONV_it	−0.03	0.07	−0.04	0.04	−0.08	−0.02
8	BOARD_AGE_it	0.01	−0.01	0.17	−0.03	0.03	0.03	0.11
9	BOARD_SINGLE_it	−0.03	0.04	−0.02	0.20	−0.09	−0.07	0.04	−0.24
10	BOARD_EDU_it	0.17	−0.08	0.03	−0.08	0.49	0.33	−0.16	−0.04	−0.12
11	BOARD_INCOME_it	0.10	−0.02	−0.02	−0.07	0.30	0.58	0.06	0.11	−0.13	0.40
12	CEO_MALE_it	−0.04	0.17	0.01	−0.03	−0.09	0.10	0.00	−0.02	0.02	−0.03	0.02
13	BOARD_MALE_it	0.00	−0.03	−0.13	0.06	0.02	0.06	0.25	−0.00	0.02	−0.03	0.22	0.01
14	SIZE_it	−0.01	0.02	0.05	−0.08	0.21	0.53	0.01	0.06	−0.06	0.23	0.45	0.10	0.07
15	EQUITY RATIO_it	0.05	−0.04	0.15	−0.02	0.09	0.11	−0.06	0.07	−0.01	0.06	0.03	−0.03	−0.09	0.06
16	ROA_it	0.08	−0.03	−0.07	−0.00	0.09	0.10	−0.03	−0.10	−0.00	0.08	0.08	−0.01	−0.00	−0.08	0.29

Notes:

This table reports the Pearson correlation among the main variables used in the empirical analysis, comprising 120,384 firm-year observations of Finnish limited liability firms during the period 2014–2019. All variables are defined in Appendix 2. Italic correlation coefficients are significant at 0.10 level of significance or lower

Source: Author’s own work

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