Table 3

Pairwise correlations

Variables(1)(2)(3)(4)(5)(6)(7)(8)(9)
(1) ROA1.000        
(2) ROE0.871***1.000       
(3) ESG0.208***0.204***1.000      
(4) LnAudit−0.090***−0.036***0.134***1.000     
(5) Size0.023***0.087***0.217***0.750***1.000    
(6) Lev−0.036***−0.026***0.049***0.207***0.222***1.000   
(7) TobinQ0.134***0.049***−0.059***−0.241***−0.357***−0.196***1.000  
(8) CBNP−0.028***0.005−0.019***−0.036***−0.004−0.210***0.045***1.000 
(9) Board0.019***0.033***0.023***0.191***0.276***0.406***−0.092***0.034***1.000

Note(s): This table reports the pairwise Pearson correlation coefficients. ***p < 0.01, **p < 0.05, *p < 0.1

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