Table 3. Correlation matrix Variables 1...

Table 3.

Correlation matrix

	Variables	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18	19	20	21	22	23	24	25	26	27	28
1	COUNTRY_NETZERO	N/A
2	REM_CFO	−0.03	N/A
3	REM_DISEXP	0.06	0.20	N/A
4	REM_PRODCOST	0.02	0.16	0.44	N/A
5	REM_SUM	0.02	0.71	0.74	0.67	N/A
6	DISACC	−0.04	0.04	−0.06	−0.01	−0.01	N/A
7	CLIMATE_RISK	0.09	0.02	0.09	0.03	0.07	−0.06	N/A
8	GDP_PER_CAPITA	0.12	−0.01	0.28	0.07	0.15	−0.07	0.45	N/A
9	GDP_GROWTH_RATE	−0.06	0.02	−0.14	−0.05	−0.07	0.07	−0.14	−0.43	N/A
10	CO2_PER_CAPITA	−0.04	−0.02	0.14	−0.01	0.05	−0.02	0.21	0.70	−0.21	N/A
11	CORRUPT_CONTROL	0.09	0.02	0.32	0.11	0.20	−0.08	0.35	0.88	−0.42	0.53	N/A
12	GOV_EFFECT	0.11	0.00	0.28	0.09	0.16	−0.07	0.37	0.89	−0.39	0.59	0.95	N/A
13	POL_STABILITY	0.09	−0.01	0.25	0.08	0.14	−0.06	0.34	0.86	−0.40	0.59	0.87	0.88	N/A
14	REGULATE_QUAL	0.08	0.02	0.30	0.10	0.19	−0.08	0.44	0.90	−0.45	0.58	0.95	0.94	0.85	N/A
15	RULE_LAW	0.08	0.02	0.31	0.11	0.19	−0.09	0.36	0.85	−0.45	0.53	0.97	0.95	0.85	0.96	N/A
16	VOICE_ACCOUNT	−0.01	0.04	0.26	0.13	0.20	−0.11	0.19	0.52	−0.47	0.20	0.73	0.62	0.56	0.73	0.79	N/A
17	CTR	−0.16	0.01	0.01	0.03	0.02	−0.02	−0.49	−0.16	−0.04	−0.09	0.00	−0.06	−0.08	−0.13	0.02	0.30	N/A
18	SIZE	−0.01	−0.10	−0.25	−0.09	−0.21	0.01	−0.18	−0.14	0.01	−0.05	−0.21	−0.13	−0.04	−0.23	−0.18	−0.15	0.14	N/A
19	LEV	−0.03	−0.03	−0.09	−0.04	−0.08	−0.04	−0.13	−0.10	−0.07	−0.05	−0.06	−0.04	−0.01	−0.07	−0.01	0.11	0.19	0.54	N/A
20	ROA	−0.05	−0.08	−0.21	0.12	−0.10	0.32	−0.08	−0.15	0.10	−0.13	−0.18	−0.15	−0.12	−0.19	−0.19	−0.18	0.02	0.29	0.04	N/A
21	CASH	0.09	0.09	0.25	0.09	0.21	0.03	0.02	0.21	−0.03	0.19	0.16	0.20	0.19	0.15	0.14	−0.03	−0.04	−0.11	−0.19	−0.05	N/A
22	PPE	−0.08	−0.06	−0.15	−0.09	−0.14	−0.09	−0.01	−0.03	−0.07	0.00	−0.02	−0.04	0.00	−0.01	−0.01	0.04	0.03	0.15	0.20	0.01	−0.30	N/A
23	INTANG	0.07	−0.01	0.12	0.07	0.08	−0.10	0.15	0.25	−0.12	0.06	0.26	0.21	0.18	0.25	0.24	0.21	−0.08	−0.15	−0.13	−0.05	−0.10	−0.26	N/A
24	FOREIGN	0.00	−0.02	−0.02	−0.02	−0.03	0.01	−0.02	0.02	0.03	0.05	−0.03	0.02	0.01	−0.03	−0.02	−0.06	0.00	0.17	0.09	0.07	0.04	−0.01	−0.01	N/A
25	R&D	0.10	0.06	0.34	0.02	0.20	−0.06	0.07	0.16	−0.04	0.08	0.14	0.15	0.11	0.13	0.13	0.05	−0.03	−0.11	−0.09	−0.22	0.25	−0.15	0.12	0.05	N/A
26	SGA	0.03	0.04	0.37	−0.03	0.18	−0.02	0.04	0.13	−0.06	0.13	0.15	0.12	0.11	0.16	0.15	0.13	−0.01	−0.19	−0.08	−0.28	0.12	−0.05	0.03	−0.04	0.28	N/A
27	CAPEX	−0.06	−0.02	−0.07	−0.01	−0.04	0.00	−0.19	−0.16	−0.05	−0.06	−0.12	−0.09	−0.04	−0.13	−0.06	0.06	0.21	0.62	0.64	0.13	−0.09	0.23	−0.21	0.15	−0.08	−0.09	N/A
28	COVID19	0.76	−0.05	−0.01	−0.01	−0.03	−0.02	−0.04	0.04	−0.29	−0.04	0.01	0.05	0.04	0.01	0.01	−0.05	−0.12	0.04	0.02	−0.02	0.08	−0.03	0.00	−0.01	0.05	0.01	0.00	N/A
29	CSR	−0.03	−0.04	−0.06	−0.01	−0.05	−0.04	0.05	0.04	−0.11	−0.15	0.08	0.07	0.03	0.10	0.11	0.19	−0.02	0.18	0.01	0.13	−0.24	0.12	0.10	−0.04	−0.11	−0.14	-0.01	-0.04

	Variables	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18	19	20	21	22	23	24	25	26	27	28
1	COUNTRY_NETZERO	N/A
2	REM_CFO	−0.03	N/A
3	REM_DISEXP	0.06	0.20	N/A
4	REM_PRODCOST	0.02	0.16	0.44	N/A
5	REM_SUM	0.02	0.71	0.74	0.67	N/A
6	DISACC	−0.04	0.04	−0.06	−0.01	−0.01	N/A
7	CLIMATE_RISK	0.09	0.02	0.09	0.03	0.07	−0.06	N/A
8	GDP_PER_CAPITA	0.12	−0.01	0.28	0.07	0.15	−0.07	0.45	N/A
9	GDP_GROWTH_RATE	−0.06	0.02	−0.14	−0.05	−0.07	0.07	−0.14	−0.43	N/A
10	CO2_PER_CAPITA	−0.04	−0.02	0.14	−0.01	0.05	−0.02	0.21	0.70	−0.21	N/A
11	CORRUPT_CONTROL	0.09	0.02	0.32	0.11	0.20	−0.08	0.35	0.88	−0.42	0.53	N/A
12	GOV_EFFECT	0.11	0.00	0.28	0.09	0.16	−0.07	0.37	0.89	−0.39	0.59	0.95	N/A
13	POL_STABILITY	0.09	−0.01	0.25	0.08	0.14	−0.06	0.34	0.86	−0.40	0.59	0.87	0.88	N/A
14	REGULATE_QUAL	0.08	0.02	0.30	0.10	0.19	−0.08	0.44	0.90	−0.45	0.58	0.95	0.94	0.85	N/A
15	RULE_LAW	0.08	0.02	0.31	0.11	0.19	−0.09	0.36	0.85	−0.45	0.53	0.97	0.95	0.85	0.96	N/A
16	VOICE_ACCOUNT	−0.01	0.04	0.26	0.13	0.20	−0.11	0.19	0.52	−0.47	0.20	0.73	0.62	0.56	0.73	0.79	N/A
17	CTR	−0.16	0.01	0.01	0.03	0.02	−0.02	−0.49	−0.16	−0.04	−0.09	0.00	−0.06	−0.08	−0.13	0.02	0.30	N/A
18	SIZE	−0.01	−0.10	−0.25	−0.09	−0.21	0.01	−0.18	−0.14	0.01	−0.05	−0.21	−0.13	−0.04	−0.23	−0.18	−0.15	0.14	N/A
19	LEV	−0.03	−0.03	−0.09	−0.04	−0.08	−0.04	−0.13	−0.10	−0.07	−0.05	−0.06	−0.04	−0.01	−0.07	−0.01	0.11	0.19	0.54	N/A
20	ROA	−0.05	−0.08	−0.21	0.12	−0.10	0.32	−0.08	−0.15	0.10	−0.13	−0.18	−0.15	−0.12	−0.19	−0.19	−0.18	0.02	0.29	0.04	N/A
21	CASH	0.09	0.09	0.25	0.09	0.21	0.03	0.02	0.21	−0.03	0.19	0.16	0.20	0.19	0.15	0.14	−0.03	−0.04	−0.11	−0.19	−0.05	N/A
22	PPE	−0.08	−0.06	−0.15	−0.09	−0.14	−0.09	−0.01	−0.03	−0.07	0.00	−0.02	−0.04	0.00	−0.01	−0.01	0.04	0.03	0.15	0.20	0.01	−0.30	N/A
23	INTANG	0.07	−0.01	0.12	0.07	0.08	−0.10	0.15	0.25	−0.12	0.06	0.26	0.21	0.18	0.25	0.24	0.21	−0.08	−0.15	−0.13	−0.05	−0.10	−0.26	N/A
24	FOREIGN	0.00	−0.02	−0.02	−0.02	−0.03	0.01	−0.02	0.02	0.03	0.05	−0.03	0.02	0.01	−0.03	−0.02	−0.06	0.00	0.17	0.09	0.07	0.04	−0.01	−0.01	N/A
25	R&D	0.10	0.06	0.34	0.02	0.20	−0.06	0.07	0.16	−0.04	0.08	0.14	0.15	0.11	0.13	0.13	0.05	−0.03	−0.11	−0.09	−0.22	0.25	−0.15	0.12	0.05	N/A
26	SGA	0.03	0.04	0.37	−0.03	0.18	−0.02	0.04	0.13	−0.06	0.13	0.15	0.12	0.11	0.16	0.15	0.13	−0.01	−0.19	−0.08	−0.28	0.12	−0.05	0.03	−0.04	0.28	N/A
27	CAPEX	−0.06	−0.02	−0.07	−0.01	−0.04	0.00	−0.19	−0.16	−0.05	−0.06	−0.12	−0.09	−0.04	−0.13	−0.06	0.06	0.21	0.62	0.64	0.13	−0.09	0.23	−0.21	0.15	−0.08	−0.09	N/A
28	COVID19	0.76	−0.05	−0.01	−0.01	−0.03	−0.02	−0.04	0.04	−0.29	−0.04	0.01	0.05	0.04	0.01	0.01	−0.05	−0.12	0.04	0.02	−0.02	0.08	−0.03	0.00	−0.01	0.05	0.01	0.00	N/A
29	CSR	−0.03	−0.04	−0.06	−0.01	−0.05	−0.04	0.05	0.04	−0.11	−0.15	0.08	0.07	0.03	0.10	0.11	0.19	−0.02	0.18	0.01	0.13	−0.24	0.12	0.10	−0.04	−0.11	−0.14	-0.01	-0.04

Note(s):

The table presents the correlation matrix. Pearson (Spearman) correlations are presented in the lower (upper) diagonal. Correlations significant at the two-tailed 0.05 level or less are in bold figures. All continuous variables are winsorized at the 1st and 99th percentiles. Refer to Supplementary A for variable definitions

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