Table 3 Correlation matrix Panel A:... | Emerald Publishing

Table 3

Correlation matrix

Panel A: Correlation matrix among sustainability committee model variables
	CSR_PERF	SUSTCOM	FSIZE	LEV	MB	ROA	FIN	COMPET	GLOBAL	LIQUID	LITG	FAGE	CAPEX	EM	CGOV
CSR_PERF	1.000
SUSTCOM	0.086^***	1.000
FSIZE	0.358^***	0.223^***	1.000
LEV	−0.042^***	0.103^***	0.099^***	1.000
MB	0.087^***	−0.013^*	0.110^***	−0.105^***	1.000
ROA	0.095^***	0.019^**	0.229^***	−0.152^***	0.108^***	1.000
FIN	−0.073^***	−0.031^***	−0.152^***	0.127^***	0.061^***	−0.288^***	1.000
COMPET	0.075^***	−0.035^***	−0.029^***	−0.025^***	0.025^***	−0.083^***	0.042^***	1.000
GLOBAL	0.165^***	0.084^***	0.291^***	−0.069^***	0.012	0.192^***	−0.123^***	0.060^***	1.000
LIQUID	0.044^***	0.008	0.104^***	−0.026^***	0.047^***	−0.001	0.067^***	−0.026^***	0.014^*	1.000
LITG	0.085^***	−0.076^***	−0.013^*	−0.175^***	0.050^***	−0.088^***	0.031^***	0.112^***	0.016^***	0.188^***	1.000
FAGE	0.138^***	0.199^***	0.338^***	0.086^***	−0.075^***	0.104^***	−0.148^***	0.000	0.180^***	−0.131^***	−0.108^***	1.000
CAPEX	−0.063^***	0.002	0.009	0.153^***	−0.019^**	−0.190^***	0.269^***	−0.082^***	−0.170^***	0.092^***	−0.063^***	−0.076^***	1.000
EM	0.079^***	0.048^***	0.185^***	0.088^***	−0.073^***	0.062^***	−0.102^***	0.121^***	0.068^***	−0.083^***	−0.060^***	0.130^***	0.031^***	1.000
GOVERNANCE	−0.011	−0.014^*	−0.260^***	−0.053^***	0.003	−0.022^***	0.073^***	−0.001	−0.134^***	−0.125^***	−0.053^***	−0.060^***	0.055^***	−0.039^***	1.000

Panel A: Correlation matrix among sustainability committee model variables
	CSR_PERF	SUSTCOM	FSIZE	LEV	MB	ROA	FIN	COMPET	GLOBAL	LIQUID	LITG	FAGE	CAPEX	EM	CGOV
CSR_PERF	1.000
SUSTCOM	0.086^***	1.000
FSIZE	0.358^***	0.223^***	1.000
LEV	−0.042^***	0.103^***	0.099^***	1.000
MB	0.087^***	−0.013^*	0.110^***	−0.105^***	1.000
ROA	0.095^***	0.019^**	0.229^***	−0.152^***	0.108^***	1.000
FIN	−0.073^***	−0.031^***	−0.152^***	0.127^***	0.061^***	−0.288^***	1.000
COMPET	0.075^***	−0.035^***	−0.029^***	−0.025^***	0.025^***	−0.083^***	0.042^***	1.000
GLOBAL	0.165^***	0.084^***	0.291^***	−0.069^***	0.012	0.192^***	−0.123^***	0.060^***	1.000
LIQUID	0.044^***	0.008	0.104^***	−0.026^***	0.047^***	−0.001	0.067^***	−0.026^***	0.014^*	1.000
LITG	0.085^***	−0.076^***	−0.013^*	−0.175^***	0.050^***	−0.088^***	0.031^***	0.112^***	0.016^***	0.188^***	1.000
FAGE	0.138^***	0.199^***	0.338^***	0.086^***	−0.075^***	0.104^***	−0.148^***	0.000	0.180^***	−0.131^***	−0.108^***	1.000
CAPEX	−0.063^***	0.002	0.009	0.153^***	−0.019^**	−0.190^***	0.269^***	−0.082^***	−0.170^***	0.092^***	−0.063^***	−0.076^***	1.000
EM	0.079^***	0.048^***	0.185^***	0.088^***	−0.073^***	0.062^***	−0.102^***	0.121^***	0.068^***	−0.083^***	−0.060^***	0.130^***	0.031^***	1.000
GOVERNANCE	−0.011	−0.014^*	−0.260^***	−0.053^***	0.003	−0.022^***	0.073^***	−0.001	−0.134^***	−0.125^***	−0.053^***	−0.060^***	0.055^***	−0.039^***	1.000

Panel B: Correlation matrix among sustainability committee characteristics model variables
	CSR_PERF	COMSIZE	GENDER	AGE	QUAL	OVLP	COMTEN	FSIZE	LEV	MB	ROA	FIN	COMPET	LIQUID	FAGE	CAPEX	EM	CGOV
CSR_PERF	1.000
COMSIZE	0.121^***	1.000
GENDER	0.126^***	0.276^***	1.000
AGE	0.279^***	−0.027	0.276^***	1.000
QUAL	−0.007	0.099^***	−0.027	−0.111^***	1.000
OVLP	0.060^**	0.261^***	0.099^***	0.199^***	0.070^**	1.000
COMTEN	0.169^***	0.124^***	0.103^***	0.197^***	0.066^**	−0.022	1.000
FSIZE	0.042	0.271^***	0.261^***	0.058^**	0.021	0.020	0.145^***	1.000
LEV	0.358^***	0.009	0.271^***	0.322^***	0.119^***	0.266^***	−0.069^**	0.018	1.000
MB	−0.042^***	0.097^***	0.009	−0.012	−0.048^*	−0.090^***	0.068^**	0.027	0.099^***	1.000
ROA	0.087^***	0.073^**	0.097^***	0.113^***	0.051^*	0.088^***	0.084^***	0.016	0.110^***	−0.105^***	1.000
FIN	0.095^***	−0.057^**	0.073^**	0.039	0.111^***	0.024	−0.097^***	0.047^*	0.229^***	−0.152^***	0.108^***	1.000
COMPET	−0.073^***	0.020	−0.057^**	−0.059^**	−0.007	−0.012	−0.083^***	0.012	−0.152^***	0.127^***	0.061^***	−0.288^***	1.000
LIQUID	0.165^***	−0.026	0.071^**	0.104^***	0.027	0.100^***	0.057^**	−0.019	0.291^***	−0.069^***	0.012	0.192^***	−0.123^***	1.000
FAGE	0.085^***	0.276^***	−0.012	0.074^**	0.018	−0.017	0.143^***	0.085^***	−0.013^*	−0.175^***	0.050^***	−0.088^***	0.031^***	−0.054^***	1.000
CAPEX	0.138^***	−0.033	0.276^***	0.297^***	−0.057^**	0.074^***	−0.052^*	0.069^**	0.338^***	0.086^***	−0.075^***	0.104^***	−0.148^***	0.180^***	−0.108^***	1.000
EM	−0.063^***	0.034	−0.033	−0.194^***	0.024	−0.033	0.038	0.050^*	0.009	0.153^***	−0.019^**	−0.190^***	0.269^***	−0.170^***	−0.063^***	−0.076^***	1.000
GOVERNANCE	−0.011	0.039	0.010	−0.036	−0.073^**	0.062^**	0.018	−0.260^***	−0.053^***	0.003	−0.022^***	0.073^***	−0.001	−0.125^***	−0.060^***	0.055^***	−0.039^***	1.000

Panel B: Correlation matrix among sustainability committee characteristics model variables
	CSR_PERF	COMSIZE	GENDER	AGE	QUAL	OVLP	COMTEN	FSIZE	LEV	MB	ROA	FIN	COMPET	LIQUID	FAGE	CAPEX	EM	CGOV
CSR_PERF	1.000
COMSIZE	0.121^***	1.000
GENDER	0.126^***	0.276^***	1.000
AGE	0.279^***	−0.027	0.276^***	1.000
QUAL	−0.007	0.099^***	−0.027	−0.111^***	1.000
OVLP	0.060^**	0.261^***	0.099^***	0.199^***	0.070^**	1.000
COMTEN	0.169^***	0.124^***	0.103^***	0.197^***	0.066^**	−0.022	1.000
FSIZE	0.042	0.271^***	0.261^***	0.058^**	0.021	0.020	0.145^***	1.000
LEV	0.358^***	0.009	0.271^***	0.322^***	0.119^***	0.266^***	−0.069^**	0.018	1.000
MB	−0.042^***	0.097^***	0.009	−0.012	−0.048^*	−0.090^***	0.068^**	0.027	0.099^***	1.000
ROA	0.087^***	0.073^**	0.097^***	0.113^***	0.051^*	0.088^***	0.084^***	0.016	0.110^***	−0.105^***	1.000
FIN	0.095^***	−0.057^**	0.073^**	0.039	0.111^***	0.024	−0.097^***	0.047^*	0.229^***	−0.152^***	0.108^***	1.000
COMPET	−0.073^***	0.020	−0.057^**	−0.059^**	−0.007	−0.012	−0.083^***	0.012	−0.152^***	0.127^***	0.061^***	−0.288^***	1.000
LIQUID	0.165^***	−0.026	0.071^**	0.104^***	0.027	0.100^***	0.057^**	−0.019	0.291^***	−0.069^***	0.012	0.192^***	−0.123^***	1.000
FAGE	0.085^***	0.276^***	−0.012	0.074^**	0.018	−0.017	0.143^***	0.085^***	−0.013^*	−0.175^***	0.050^***	−0.088^***	0.031^***	−0.054^***	1.000
CAPEX	0.138^***	−0.033	0.276^***	0.297^***	−0.057^**	0.074^***	−0.052^*	0.069^**	0.338^***	0.086^***	−0.075^***	0.104^***	−0.148^***	0.180^***	−0.108^***	1.000
EM	−0.063^***	0.034	−0.033	−0.194^***	0.024	−0.033	0.038	0.050^*	0.009	0.153^***	−0.019^**	−0.190^***	0.269^***	−0.170^***	−0.063^***	−0.076^***	1.000
GOVERNANCE	−0.011	0.039	0.010	−0.036	−0.073^**	0.062^**	0.018	−0.260^***	−0.053^***	0.003	−0.022^***	0.073^***	−0.001	−0.125^***	−0.060^***	0.055^***	−0.039^***	1.000

Note(s): All variables are defined in Appendix. ^***, ^** and ^* represent statistical significance at the 1%, 5% and 10% levels, respectively