Table 3 Pearson’s correlation matrix for...

Table 3

Pearson’s correlation matrix for all variables

	ESG	Age	Board size	Fem direct	Assets	Liabilities
Age	0.061**	1***
Board size	0.374***	0.094**	1***
Fem direct	0.054	−0.024	−0.046	1***
Assets	0.421***	0.015	0.282***	0.015	1***
Liabilities	0.456***	0.065**	0.303***	−0.012	0.911***	1***
Liq	−0.173***	−0.07***	−0.096**	−0.139***	−0.116***	−0.125***

	ESG	Age	Board size	Fem direct	Assets	Liabilities
Age	0.061**	1***
Board size	0.374***	0.094**	1***
Fem direct	0.054	−0.024	−0.046	1***
Assets	0.421***	0.015	0.282***	0.015	1***
Liabilities	0.456***	0.065**	0.303***	−0.012	0.911***	1***
Liq	−0.173***	−0.07***	−0.096**	−0.139***	−0.116***	−0.125***