Correlation matrix
| Variable | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Tobin’s Q | 1 | ||||||||||||||
| 2 | Family firm | −0.02 | 1 | |||||||||||||
| 3 | Dual class | −0.14*** | 0.29*** | 1 | ||||||||||||
| 4 | Voting rights restr. | −0.06*** | −0.19*** | −0.05*** | 1 | |||||||||||
| 5 | Opting out/up | 0 | 0.39*** | 0.10*** | −0.06*** | 1 | ||||||||||
| 6 | Board independence | 0.18*** | −0.26*** | −0.21*** | 0.03* | −0.14*** | 1 | |||||||||
| 7 | Size | −0.19*** | −0.26*** | 0.07*** | 0.22*** | −0.18*** | 0.23*** | 1 | ||||||||
| 8 | Diversification | −0.12*** | 0.17*** | 0.06*** | 0.02 | 0.08*** | 0.03 | 0.17*** | 1 | |||||||
| 9 | Sales growth | 0.12*** | −0.01 | −0.05*** | −0.03 | −0.01 | 0.02 | −0.03 | −0.05*** | 1 | ||||||
| 10 | Firm age | −0.17*** | 0.01 | 0.17*** | 0.12*** | 0.03* | −0.11*** | 0.22*** | 0.13*** | −0.08*** | 1 | |||||
| 11 | Profitability | 0.30*** | 0.12*** | 0.04** | 0.06*** | −0.01 | 0.03* | 0.04** | 0.08*** | 0.18*** | 0.07*** | 1 | ||||
| 12 | Liquidity | 0.27*** | 0.06*** | 0.01 | −0.16*** | 0.01 | 0.04** | −0.28*** | −0.11*** | 0.01 | −0.21*** | −0.15*** | 1 | |||
| 13 | Investments | 0.13*** | 0.13*** | 0 | −0.04** | 0.08*** | −0.11*** | −0.26*** | 0.02 | 0.03 | −0.05*** | 0.27*** | −0.13*** | 1 | ||
| 14 | Tangibility | −0.07*** | 0.12*** | −0.05*** | 0.02 | 0.12*** | −0.18*** | −0.28*** | −0.02 | 0.02 | −0.02 | 0.22*** | −0.23*** | 0.61*** | 1 | |
| 15 | R&D | 0.34*** | −0.01 | −0.02 | −0.11*** | 0.01 | 0.09*** | −0.29*** | −0.09*** | 0.03 | −0.21*** | −0.22*** | 0.40*** | −0.05*** | −0.12*** | 1 |
| 16 | Leverage | −0.24*** | −0.20*** | −0.02 | 0.08*** | −0.12*** | 0.12*** | 0.49*** | 0.04** | −0.02 | 0.13*** | −0.31*** | −0.24*** | −0.34*** | −0.37*** | −0.10*** |
| Variable | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Tobin’s | 1 | ||||||||||||||
| 2 | Family firm | −0.02 | 1 | |||||||||||||
| 3 | Dual class | −0.14*** | 0.29*** | 1 | ||||||||||||
| 4 | Voting rights restr. | −0.06*** | −0.19*** | −0.05*** | 1 | |||||||||||
| 5 | Opting out/up | 0 | 0.39*** | 0.10*** | −0.06*** | 1 | ||||||||||
| 6 | Board independence | 0.18*** | −0.26*** | −0.21*** | 0.03* | −0.14*** | 1 | |||||||||
| 7 | Size | −0.19*** | −0.26*** | 0.07*** | 0.22*** | −0.18*** | 0.23*** | 1 | ||||||||
| 8 | Diversification | −0.12*** | 0.17*** | 0.06*** | 0.02 | 0.08*** | 0.03 | 0.17*** | 1 | |||||||
| 9 | Sales growth | 0.12*** | −0.01 | −0.05*** | −0.03 | −0.01 | 0.02 | −0.03 | −0.05*** | 1 | ||||||
| 10 | Firm age | −0.17*** | 0.01 | 0.17*** | 0.12*** | 0.03* | −0.11*** | 0.22*** | 0.13*** | −0.08*** | 1 | |||||
| 11 | Profitability | 0.30*** | 0.12*** | 0.04** | 0.06*** | −0.01 | 0.03* | 0.04** | 0.08*** | 0.18*** | 0.07*** | 1 | ||||
| 12 | Liquidity | 0.27*** | 0.06*** | 0.01 | −0.16*** | 0.01 | 0.04** | −0.28*** | −0.11*** | 0.01 | −0.21*** | −0.15*** | 1 | |||
| 13 | Investments | 0.13*** | 0.13*** | 0 | −0.04** | 0.08*** | −0.11*** | −0.26*** | 0.02 | 0.03 | −0.05*** | 0.27*** | −0.13*** | 1 | ||
| 14 | Tangibility | −0.07*** | 0.12*** | −0.05*** | 0.02 | 0.12*** | −0.18*** | −0.28*** | −0.02 | 0.02 | −0.02 | 0.22*** | −0.23*** | 0.61*** | 1 | |
| 15 | R&D | 0.34*** | −0.01 | −0.02 | −0.11*** | 0.01 | 0.09*** | −0.29*** | −0.09*** | 0.03 | −0.21*** | −0.22*** | 0.40*** | −0.05*** | −0.12*** | 1 |
| 16 | Leverage | −0.24*** | −0.20*** | −0.02 | 0.08*** | −0.12*** | 0.12*** | 0.49*** | 0.04** | −0.02 | 0.13*** | −0.31*** | −0.24*** | −0.34*** | −0.37*** | −0.10*** |
The table provides correlation statistics for the variables. The sample is based on 3,229 firm-year observations from 2005 to 2023
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