Table A1. Pearson correlation index of...

Table A1.

Pearson correlation index of the variables

Variable	Divers	board	Pd	Idv	mas	ua	lto	ind	Rol	env	soc	gov	esg	ps	rq	cc	ESGcont	cp	va	ge	logta	logrev	logempl	ROA
Divers	1
Board	0.0173	1
Pd	−0.089*	−0.0556	1
Idv	0.0752	0.0881*	−0.6676**	1
Mas	0.0413	0.0147	−0.109**	−0.0482	1
Ua	−0.0161	0.1151**	0.2191**	0.1211**	−0.0431	1
Lto	0.0435	−0.0419	−0.0305	0.303**	0.4356**	−0.0412	1
Ind	0.064	−0.0097	−0.8031**	0.4374**	0.0442	−0.2664**	−0.1614**	1
Rol	0.0825	0.0104	−0.8393**	0.8258**	0.0517	0.0908*	0.2775**	0.5644**	1
Env	0.0537	0.2239**	−0.0304	0.1186**	−0.1068*	0.2309**	0.0437	−0.0659	0.081	1
Soc	0.0065	0.2637**	−0.0534	0.0271	−0.1729**	0.1454**	−0.2302**	0.0182	−0.0213	0.6435**	1
Gov	0.097*	−0.1079*	−0.2619**	0.273**	−0.0464	−0.0842	−0.0692	0.2202**	0.219**	0.2695**	0.3194**	1
Esg	0.0641	0.1929**	−0.1268**	0.1664**	−0.147**	0.1505**	−0.1035*	0.051	0.1031*	0.853**	0.8572**	0.6117**	1
Ps	0.08	0.0161	−0.6138**	0.7285**	0.1767**	0.3055**	0.4153**	0.3137**	0.8502**	0.1329**	−0.0096	0.1331**	0.1067**	1
Rq	0.0672	0.0236	−0.852**	0.7627**	0.1306**	−0.0265	0.2588**	0.6484**	0.9342**	0.0043	−0.0403	0.1748**	0.0422	0.7837**	1
Cc	0.0335	−0.0273	−0.3215**	0.3171**	0.0142	−0.0635	0.112**	0.2439**	0.3733**	0.0003	−0.0074	0.0493	0.0118	0.3321**	0.3686**	1
ESGcont	0.022	0.0905*	−0.1082**	0.1956**	−0.2297**	−0.03	−0.0556	0.14**	0.1166**	0.2024**	0.2344**	0.1632**	0.2569**	0.0389	0.1225**	0.0424	1
Cp	0.076	0.002	−0.8316**	0.8107**	0.0954*	−0.0542	0.3086**	0.5801**	0.9514**	0.0027	−0.1133**	0.2014**	0.0184	0.8044**	0.939**	0.3679**	0.111**	1
Va	0.0904*	0.0596	−0.7041**	0.7004**	0.105**	−0.0157	0.2674**	0.4914**	0.773**	0.1223**	0.1045**	0.1996**	0.1767**	0.6782**	0.7004**	0.3425**	0.0926*	0.728**	1
Ge	0.0731	−0.0192	−0.7017**	0.7426**	0.1098**	−0.1386**	0.5053**	0.4671**	0.8486**	0.0033	−0.196**	0.1371**	−0.0394	0.7832**	0.8713**	0.3803**	0*	0.901**	0.625**	1
Logta	0.0242	0.0941*	−0.0281	−0.0876*	−0.117**	−0.1302**	−0.1738**	0.041	−0.0966*	0.2262**	0.2114**	0.1852**	0.2664**	−0.1737**	−0.116**	−0.0918*	0.2219**	−0.1222**	−0.0839*	−0.1532**	1
Logrev	0.0252	0.0372	0.032	−0.0559	−0.0927	−0.0141	−0.1105**	−0.0385	−0.0887*	0.2199**	0.1951**	0.1987**	0.2658**	−0.097*	−0.1139**	−0.0743	0.2339**	−0.1166**	−0.079*	−0.1659**	0.8535**	1
Logempl	−0.0257	0.2182**	0.4005**	−0.1242**	0.0143	0.0912*	0.1018**	−0.3016**	−0.3044**	0.253**	0.1387**	−0.0431	0.1572**	−0.2348**	−0.3104**	−0.1061**	0.3037**	−0.289**	−0.2759**	−0.2143**	0.1215**	0.1197**	1
ROA	0.0068	0.0862*	0.0344	0.074	0.0712	0.1875**	0.097**	−0.0864**	0.0391	0.2098**	0.161**	0.02	0.1727**	0.1**	0.0231	−0.0048	0.0233	0.0251	0.0325	0.0078	0.0211	0.0009	−0.0033	1

Variable	Divers	board	Pd	Idv	mas	ua	lto	ind	Rol	env	soc	gov	esg	ps	rq	cc	ESGcont	cp	va	ge	logta	logrev	logempl	ROA
Divers	1
Board	0.0173	1
Pd	−0.089*	−0.0556	1
Idv	0.0752	0.0881*	−0.6676**	1
Mas	0.0413	0.0147	−0.109**	−0.0482	1
Ua	−0.0161	0.1151**	0.2191**	0.1211**	−0.0431	1
Lto	0.0435	−0.0419	−0.0305	0.303**	0.4356**	−0.0412	1
Ind	0.064	−0.0097	−0.8031**	0.4374**	0.0442	−0.2664**	−0.1614**	1
Rol	0.0825	0.0104	−0.8393**	0.8258**	0.0517	0.0908*	0.2775**	0.5644**	1
Env	0.0537	0.2239**	−0.0304	0.1186**	−0.1068*	0.2309**	0.0437	−0.0659	0.081	1
Soc	0.0065	0.2637**	−0.0534	0.0271	−0.1729**	0.1454**	−0.2302**	0.0182	−0.0213	0.6435**	1
Gov	0.097*	−0.1079*	−0.2619**	0.273**	−0.0464	−0.0842	−0.0692	0.2202**	0.219**	0.2695**	0.3194**	1
Esg	0.0641	0.1929**	−0.1268**	0.1664**	−0.147**	0.1505**	−0.1035*	0.051	0.1031*	0.853**	0.8572**	0.6117**	1
Ps	0.08	0.0161	−0.6138**	0.7285**	0.1767**	0.3055**	0.4153**	0.3137**	0.8502**	0.1329**	−0.0096	0.1331**	0.1067**	1
Rq	0.0672	0.0236	−0.852**	0.7627**	0.1306**	−0.0265	0.2588**	0.6484**	0.9342**	0.0043	−0.0403	0.1748**	0.0422	0.7837**	1
Cc	0.0335	−0.0273	−0.3215**	0.3171**	0.0142	−0.0635	0.112**	0.2439**	0.3733**	0.0003	−0.0074	0.0493	0.0118	0.3321**	0.3686**	1
ESGcont	0.022	0.0905*	−0.1082**	0.1956**	−0.2297**	−0.03	−0.0556	0.14**	0.1166**	0.2024**	0.2344**	0.1632**	0.2569**	0.0389	0.1225**	0.0424	1
Cp	0.076	0.002	−0.8316**	0.8107**	0.0954*	−0.0542	0.3086**	0.5801**	0.9514**	0.0027	−0.1133**	0.2014**	0.0184	0.8044**	0.939**	0.3679**	0.111**	1
Va	0.0904*	0.0596	−0.7041**	0.7004**	0.105**	−0.0157	0.2674**	0.4914**	0.773**	0.1223**	0.1045**	0.1996**	0.1767**	0.6782**	0.7004**	0.3425**	0.0926*	0.728**	1
Ge	0.0731	−0.0192	−0.7017**	0.7426**	0.1098**	−0.1386**	0.5053**	0.4671**	0.8486**	0.0033	−0.196**	0.1371**	−0.0394	0.7832**	0.8713**	0.3803**	0*	0.901**	0.625**	1
Logta	0.0242	0.0941*	−0.0281	−0.0876*	−0.117**	−0.1302**	−0.1738**	0.041	−0.0966*	0.2262**	0.2114**	0.1852**	0.2664**	−0.1737**	−0.116**	−0.0918*	0.2219**	−0.1222**	−0.0839*	−0.1532**	1
Logrev	0.0252	0.0372	0.032	−0.0559	−0.0927	−0.0141	−0.1105**	−0.0385	−0.0887*	0.2199**	0.1951**	0.1987**	0.2658**	−0.097*	−0.1139**	−0.0743	0.2339**	−0.1166**	−0.079*	−0.1659**	0.8535**	1
Logempl	−0.0257	0.2182**	0.4005**	−0.1242**	0.0143	0.0912*	0.1018**	−0.3016**	−0.3044**	0.253**	0.1387**	−0.0431	0.1572**	−0.2348**	−0.3104**	−0.1061**	0.3037**	−0.289**	−0.2759**	−0.2143**	0.1215**	0.1197**	1
ROA	0.0068	0.0862*	0.0344	0.074	0.0712	0.1875**	0.097**	−0.0864**	0.0391	0.2098**	0.161**	0.02	0.1727**	0.1**	0.0231	−0.0048	0.0233	0.0251	0.0325	0.0078	0.0211	0.0009	−0.0033	1

Note(s):

* p < 0.05; ** p < 0.01 (Two-tailed test)

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