Table 3. Pairwise correlations Variable... | Emerald Publishing

Table 3.

Pairwise correlations

Variable	ESGC	PRisk	MTB	LEV	RD	ROA	CAPX	SIZE	CashVOLT	StockVOLT	BSIZE	GDP	INF	UNEMP	CoC	GOVEF	REGQ	EPU
ESGC	1
PRisk	0.0618***	1
MTB	−0.1155***	−0.0024	1
LEV	0.0559***	−0.0068	−0.1367***	1
RD	−0.1014***	0.0168	0.3934***	−0.2012***	1
ROA	0.0751***	−0.0554***	−0.0546***	−0.0318***	−0.5729***	1
CAPX	0.0955***	−0.0421***	−0.0891***	0.0314***	−0.1939***	0.1306***	1
SIZE	0.3963***	0.018	0.0583***	0.1130***	−0.2622***	0.3977***	0.0996***	1
CashVOLT	−0.0983***	0.0383***	0.2926***	−0.1130***	0.5510***	−0.4920***	−0.1134***	−0.3320***	1
StockVOLT	−0.0097	−0.0112	0.0449***	−0.0074	−0.0142	−0.018	0.0982***	−0.0346***	0.0066	1
BSIZE	0.2776***	0.0337***	−0.2750***	0.1979***	−0.2796***	0.1691***	0.1211***	0.5304***	−0.2719***	−0.0695***	1
GDP	−0.0069	−0.1177***	0.0372***	−0.0133	0.0573***	0.0181	−0.0055	0.0097	0.0361***	0.006	−0.0233***	1
INF	0.0025	−0.0089	0.1405***	−0.0032	0.0657***	−0.0337***	−0.0356***	−0.0865***	0.0925***	0.0236***	−0.1373***	0.3112***	1
UNEMP	0.1067***	0.0611***	−0.0408***	0.0211	−0.1293***	0.0659***	0.0328***	0.0704***	−0.0540***	0.0106	0.1089***	−0.2973***	−0.1144***	1
CoC	0.0474***	−0.0091	−0.2358***	−0.0371***	−0.1944***	0.1180***	0.2004***	0.0658***	−0.1438***	0.0584***	0.1512***	−0.0051	−0.1095***	−0.1709***	1
GOVEF	0.0262***	−0.0599***	−0.1433***	−0.0677***	−0.0931***	0.0872***	0.1670***	0.0304***	−0.0688***	0.0321***	0.0450***	0.0737***	−0.0406***	−0.1858***	0.7267***	1
REGQ	−0.0006	−0.0073	−0.0260***	−0.0349***	−0.0198	0.0268***	0.0773***	−0.0998***	0.0176	0.0481***	−0.0888***	0.1970***	0.3515***	−0.2722***	0.5897***	0.5534***	1
EPU	−0.0537***	0.1355***	0.1205***	−0.0006	0.0691***	−0.1236***	−0.1282***	−0.1793***	0.0845***	0.0154	−0.1367***	−0.2852***	0.0363***	0.2064***	−0.1189***	−0.3186***	−0.0169	1

Variable	ESGC	PRisk	MTB	LEV	RD	ROA	CAPX	SIZE	CashVOLT	StockVOLT	BSIZE	GDP	INF	UNEMP	CoC	GOVEF	REGQ	EPU
ESGC	1
PRisk	0.0618***	1
MTB	−0.1155***	−0.0024	1
LEV	0.0559***	−0.0068	−0.1367***	1
RD	−0.1014***	0.0168	0.3934***	−0.2012***	1
ROA	0.0751***	−0.0554***	−0.0546***	−0.0318***	−0.5729***	1
CAPX	0.0955***	−0.0421***	−0.0891***	0.0314***	−0.1939***	0.1306***	1
SIZE	0.3963***	0.018	0.0583***	0.1130***	−0.2622***	0.3977***	0.0996***	1
CashVOLT	−0.0983***	0.0383***	0.2926***	−0.1130***	0.5510***	−0.4920***	−0.1134***	−0.3320***	1
StockVOLT	−0.0097	−0.0112	0.0449***	−0.0074	−0.0142	−0.018	0.0982***	−0.0346***	0.0066	1
BSIZE	0.2776***	0.0337***	−0.2750***	0.1979***	−0.2796***	0.1691***	0.1211***	0.5304***	−0.2719***	−0.0695***	1
GDP	−0.0069	−0.1177***	0.0372***	−0.0133	0.0573***	0.0181	−0.0055	0.0097	0.0361***	0.006	−0.0233***	1
INF	0.0025	−0.0089	0.1405***	−0.0032	0.0657***	−0.0337***	−0.0356***	−0.0865***	0.0925***	0.0236***	−0.1373***	0.3112***	1
UNEMP	0.1067***	0.0611***	−0.0408***	0.0211	−0.1293***	0.0659***	0.0328***	0.0704***	−0.0540***	0.0106	0.1089***	−0.2973***	−0.1144***	1
CoC	0.0474***	−0.0091	−0.2358***	−0.0371***	−0.1944***	0.1180***	0.2004***	0.0658***	−0.1438***	0.0584***	0.1512***	−0.0051	−0.1095***	−0.1709***	1
GOVEF	0.0262***	−0.0599***	−0.1433***	−0.0677***	−0.0931***	0.0872***	0.1670***	0.0304***	−0.0688***	0.0321***	0.0450***	0.0737***	−0.0406***	−0.1858***	0.7267***	1
REGQ	−0.0006	−0.0073	−0.0260***	−0.0349***	−0.0198	0.0268***	0.0773***	−0.0998***	0.0176	0.0481***	−0.0888***	0.1970***	0.3515***	−0.2722***	0.5897***	0.5534***	1
EPU	−0.0537***	0.1355***	0.1205***	−0.0006	0.0691***	−0.1236***	−0.1282***	−0.1793***	0.0845***	0.0154	−0.1367***	−0.2852***	0.0363***	0.2064***	−0.1189***	−0.3186***	−0.0169	1

Note(s):

This table demonstrates the pairwise correlations for the variables used in the baseline regression. Coefficients with ***are significant at the 0.01 level. All variables are defined in the Appendix 1