Table 3. Pearson correlations Variables...

Table 3.

Pearson correlations

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)
(1) CSRD	1
(2) FC	0.07**	1
(3) PC	0.03	0.02	1
(4) AUDIT	0.11***	−0.01	−0.01	1
(5) CASHH	−0.02	−0.02	0.00	0.02	1
(6) ROA	0.10***	−0.03	−0.03	−0.03	0.21***	1
(7) LEV	0.01	−0.02	−0.10***	0.02	0.01	−0.21***	1
(8) CAPIN	0.01	0.05	0.09***	0.09***	0.01	0.03	−0.04	1
(9) KZ	−0.15***	0.12***	−0.07**	−0.06**	−0.05*	−0.29***	0.40***	0.22***	1
(10) AGE	0.13***	−0.08***	0.02	0.06*	0.02	−0.05*	0.26***	−0.11***	0.00	1
(11) FSIZE	0.43***	0.11***	0.17***	0.09***	−0.09***	0.08***	−0.08***	−0.21***	−0.20***	0.10***	1
(12) BOARD	0.16***	0.02	0.14***	0.07**	0.06**	0.02	0.04	−0.06*	−0.07**	0.10***	0.31***	1
(13) INDBM	0.15***	−0.19***	0.02	0.06**	0.02	0.03	0.04	−0.02	−0.07**	0.05*	0.16***	0.51***	1
(14) FBM	−0.03	0.22***	−0.15***	0.01	−0.01	0.04	−0.19***	0.01	−0.00	0.08**	−0.02	0.24**	0.03	1

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)
(1) CSRD	1
(2) FC	0.07**	1
(3) PC	0.03	0.02	1
(4) AUDIT	0.11***	−0.01	−0.01	1
(5) CASHH	−0.02	−0.02	0.00	0.02	1
(6) ROA	0.10***	−0.03	−0.03	−0.03	0.21***	1
(7) LEV	0.01	−0.02	−0.10***	0.02	0.01	−0.21***	1
(8) CAPIN	0.01	0.05	0.09***	0.09***	0.01	0.03	−0.04	1
(9) KZ	−0.15***	0.12***	−0.07**	−0.06**	−0.05*	−0.29***	0.40***	0.22***	1
(10) AGE	0.13***	−0.08***	0.02	0.06*	0.02	−0.05*	0.26***	−0.11***	0.00	1
(11) FSIZE	0.43***	0.11***	0.17***	0.09***	−0.09***	0.08***	−0.08***	−0.21***	−0.20***	0.10***	1
(12) BOARD	0.16***	0.02	0.14***	0.07**	0.06**	0.02	0.04	−0.06*	−0.07**	0.10***	0.31***	1
(13) INDBM	0.15***	−0.19***	0.02	0.06**	0.02	0.03	0.04	−0.02	−0.07**	0.05*	0.16***	0.51***	1
(14) FBM	−0.03	0.22***	−0.15***	0.01	−0.01	0.04	−0.19***	0.01	−0.00	0.08**	−0.02	0.24**	0.03	1

Note(s):

This table presents the Pearson pairwise correlation among the variables used in this study. Correlation coefficients marked with an asterisk (*) are statistically significant at the 1, 5 and 10% levels, respectively. Detailed definitions of all variables are provided in Appendix 1 Table A1

Source(s): Authors’ own work

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