Table 4 Correlation matrix Variables 1 2...

Table 4

Correlation matrix

Variables	1	2	3	4	5	6	7	8
1. MASCUL	1	0.028	0.085**	−0.074**	0.081**	0.137***	−0.052	−0.022
2. AGE	0.029	1	0.310***	0.169***	0.001	0.008	0.015	0.033
3. TENURE	0.044	0.317***	1	0.223***	−0.132***	−0.115***	0.032	−0.095***
4. DUALITY	−0.050	0.192***	0.264***	1	0.184***	−0.011	−0.009	0.031
5. FOREIGNCEO	0.143***	0.025	−0.112***	0.184***	1	0.085**	−0.055	−0.017
6. FSIZE	0.098***	−0.009	−0.088**	−0.020	0.079**	1	0.463***	0.022
7. LEV	−0.080**	0.010	0.056	−0.024	−0.064*	0.462***	1	−0.050
8. ROA	−0.042	0.079**	−0.093***	0.043	0.004	0.095***	−0.068**	1

Variables	1	2	3	4	5	6	7	8
1. MASCUL	1	0.028	0.085**	−0.074**	0.081**	0.137***	−0.052	−0.022
2. AGE	0.029	1	0.310***	0.169***	0.001	0.008	0.015	0.033
3. TENURE	0.044	0.317***	1	0.223***	−0.132***	−0.115***	0.032	−0.095***
4. DUALITY	−0.050	0.192***	0.264***	1	0.184***	−0.011	−0.009	0.031
5. FOREIGNCEO	0.143***	0.025	−0.112***	0.184***	1	0.085**	−0.055	−0.017
6. FSIZE	0.098***	−0.009	−0.088**	−0.020	0.079**	1	0.463***	0.022
7. LEV	−0.080**	0.010	0.056	−0.024	−0.064*	0.462***	1	−0.050
8. ROA	−0.042	0.079**	−0.093***	0.043	0.004	0.095***	−0.068**	1

Note(s): This table reports the correlation matrix using 833 firm-year observations for ESG SCORE from 2012 to 2022. All variables are defined in Table 2. All continuous independent variables are winsorized at the 1st and 99th percentiles. The bottom left half of the table contains Pearson's parametric correlation coefficients, while the upper right half of the table shows Spearman's non-parametric correlation coefficients. ***, **, and * denote significant at the 1%, 5%, and 10% levels, respectively

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