Table 2

Correlation matrix

12345678910111213141516171819
Gend_Div1                  
VAIC−0.1301                 
HCE−0.1570.975***1                
SCE−0.0780.774***0.730***1               
CEE−0.293**0.355***0.377***0.1851              
DM0.196*0.1070.1090.121−0.288**1             
Recruitment−0.1810.212*0.253**0.065−0.0450.779***1            
Retention0.227*0.1480.0750.209*−0.259**0.818***0.450***1           
Dev_Train0.332***0.043−0.0190.011−0.358***0.846***0.534***0.692***1          
Gov_Infr0.327***−0.122−0.0210.087−0.290**0.676***0.355***0.396***0.453***1         
WPP0.0280.159−0.0190.073−0.0590.218*0.0830.297**0.1610.1421        
Fem_Man0.773***−0.117−0.1340.000−0.269**0.010−0.342***0.1330.1950.1320.1201       
Fem_Dir−0.0130.0890.0310.207*−0.224*0.325***0.1720.237**0.228*0.413***0.241**0.0361      
Tenure0.045−0.084−0.0770.0200.1700.1620.1310.1270.204*0.041−0.0010.241**0.1491     
Expertise−0.123−0.109−0.118−0.359***0.174−0.182−0.027−0.119−0.179−0.287**−0.075−0.205*−0.321***0.1201    
Risk_Comm−0.1150.0490.0720.0010.0490.241**0.305***0.0580.1080.276**0.231*−0.282**0.297**0.0440.0521   
Size0.128−0.319***−0.265**−0.126−0.813***0.332***0.1180.377***0.318***0.244**0.0040.1090.237**−0.166−0.123−0.0021  
ROE−0.035−0.037−0.004−0.1380.0060.1040.0220.1600.1010.0430.028−0.127−0.346***−0.0440.237**−0.207*0.0011 
Industry−0.447***0.250**0.1940.1020.819***−0.360***−0.107−0.300**−0.427***−0.346***−0.159−0.403***−0.229*0.1210.223*−0.063−0.596***0.0101

Note(s):

***p < 0.01; **p < 0.05; *p < 0.1

Source(s): Authors’ own elaboration

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