Table 2 Correlation matrix Variables (1)...

Table 2

Correlation matrix

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)
(1) ROA	1.000
(2) ROE	0.785*	1.000
(3) CSR	0.039*	−0.028*	1.000
(4) ENV	0.013	−0.136*	0.751*	1.000
(5) SOC	0.045*	−0.037*	0.822*	0.798*	1.000
(6) CSR_COM	−0.018	−0.081*	0.576*	0.581*	0.567*	1.000
(7) LEVERAGE	−0.162*	−0.067*	0.068*	0.107*	0.099*	0.086*	1.000
(8) SIZE	0.072*	−0.298*	0.342*	0.428*	0.362*	0.289*	0.269*	1.000
(9) GROWTH	0.100*	0.115*	−0.081*	−0.135*	−0.113*	−0.099*	−0.008	−0.088*	1.000
(10) RD	0.116*	0.103*	0.035*	0.034*	0.094*	0.018	−0.002	−0.008	−0.022*	1.000
(11) B_SIZE	0.026*	0.046*	0.016	0.001	0.012	0.006	−0.013	−0.055*	−0.002	0.029*	1.000
(12) B_IND	0.072*	−0.090*	0.084*	0.241*	0.165*	0.124*	0.127*	0.470*	−0.058*	−0.095*	−0.072*	1.000
(13) IQ	−0.146*	−0.152*	−0.013	−0.026*	−0.102*	−0.054*	−0.123*	−0.186*	0.021*	−0.330*	0.008	−0.149*	1.000
(14) GDP	0.026*	−0.060*	0.000	0.113*	0.032*	0.045*	−0.002	0.127*	−0.042*	−0.044*	−0.003	0.099*	−0.237*	1.000

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)
(1) ROA	1.000
(2) ROE	0.785*	1.000
(3) CSR	0.039*	−0.028*	1.000
(4) ENV	0.013	−0.136*	0.751*	1.000
(5) SOC	0.045*	−0.037*	0.822*	0.798*	1.000
(6) CSR_COM	−0.018	−0.081*	0.576*	0.581*	0.567*	1.000
(7) LEVERAGE	−0.162*	−0.067*	0.068*	0.107*	0.099*	0.086*	1.000
(8) SIZE	0.072*	−0.298*	0.342*	0.428*	0.362*	0.289*	0.269*	1.000
(9) GROWTH	0.100*	0.115*	−0.081*	−0.135*	−0.113*	−0.099*	−0.008	−0.088*	1.000
(10) RD	0.116*	0.103*	0.035*	0.034*	0.094*	0.018	−0.002	−0.008	−0.022*	1.000
(11) B_SIZE	0.026*	0.046*	0.016	0.001	0.012	0.006	−0.013	−0.055*	−0.002	0.029*	1.000
(12) B_IND	0.072*	−0.090*	0.084*	0.241*	0.165*	0.124*	0.127*	0.470*	−0.058*	−0.095*	−0.072*	1.000
(13) IQ	−0.146*	−0.152*	−0.013	−0.026*	−0.102*	−0.054*	−0.123*	−0.186*	0.021*	−0.330*	0.008	−0.149*	1.000
(14) GDP	0.026*	−0.060*	0.000	0.113*	0.032*	0.045*	−0.002	0.127*	−0.042*	−0.044*	−0.003	0.099*	−0.237*	1.000

Note(s): This table reports the pairwise correlation matrix of the sample variables. The superscript (*) on the correlation coefficient indicates significance below the 5% level. The detailed definitions of all the variables are provided in Appendix A1

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