Table 4 Pearson correlation matrix 1 2 3...

Table 4

Pearson correlation matrix

	1	2	3	4	5	6	7	8	9	10	11	12	13	14
1	1
2	0.62***	1
3	−0.48**	−0.70**	1
4	−0.27**	−0.38**	0.55**	1
5	0.041***	0.08**	−0.06**	−0.06**	1
6	−0.10**	−0.05**	0.07**	0.05**	0.32**	1
7	0.06**	0.24**	−0.14**	−0.07**	0.33**	0.11**	1
8	0.18**	−0.36**	0.05**	0.02*	0.41**	0.11**	−0.11**	1
9	0.12**	0.17**	−0.18**	−0.11**	0.20**	0.08**	0.00**	0.124**	1
10	−0.07*	−0.08**	0.04	−0.03**	0.02	0.00	0.00	−0.02**	0.03**	1
11	0.13**	0.21**	−0.17**	−0.10**	−0.03**	−0.02*	0.00	0.08**	−0.04**	−0.31**	1
12	0.18**	0.18**	−0.20**	−0.15**	−0.04**	−0.10**	0.063**	−0.02**	0.09**	−0.21**	0.53**	1
13	−0.08**	−0.08**	0.06**	0.08**	0.08**	0.18**	0.04**	0.00	0.06**	−0.06**	−0.28**	−0.32**	1
14	−0.07**	−0.07**	0.07**	0.07**	0.04**	0.25**	0.09**	−0.09**	−0.14**	0.07**	−0.12**	−0.20**	0.23**	1

	1	2	3	4	5	6	7	8	9	10	11	12	13	14
1	1
2	0.62***	1
3	−0.48**	−0.70**	1
4	−0.27**	−0.38**	0.55**	1
5	0.041***	0.08**	−0.06**	−0.06**	1
6	−0.10**	−0.05**	0.07**	0.05**	0.32**	1
7	0.06**	0.24**	−0.14**	−0.07**	0.33**	0.11**	1
8	0.18**	−0.36**	0.05**	0.02*	0.41**	0.11**	−0.11**	1
9	0.12**	0.17**	−0.18**	−0.11**	0.20**	0.08**	0.00**	0.124**	1
10	−0.07*	−0.08**	0.04	−0.03**	0.02	0.00	0.00	−0.02**	0.03**	1
11	0.13**	0.21**	−0.17**	−0.10**	−0.03**	−0.02*	0.00	0.08**	−0.04**	−0.31**	1
12	0.18**	0.18**	−0.20**	−0.15**	−0.04**	−0.10**	0.063**	−0.02**	0.09**	−0.21**	0.53**	1
13	−0.08**	−0.08**	0.06**	0.08**	0.08**	0.18**	0.04**	0.00	0.06**	−0.06**	−0.28**	−0.32**	1
14	−0.07**	−0.07**	0.07**	0.07**	0.04**	0.25**	0.09**	−0.09**	−0.14**	0.07**	−0.12**	−0.20**	0.23**	1

Note(s): 1 = $Δ$ SGA, 2 = $Δ$ Revenue, 3 = Decrease, 4 = Successive_Decrease, 5 = EU_Directive, 6 = Sustainability_performance, 7 = Civil_law, 8 = Common_law, 9 = Economic_growth, 10 = Asset_turnover, 11 = ROA, 12 = Tobins_q, 13 = Leverage, 14 = Board_size

Source(s): Created by authors

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