Table 5

Pairwise correlations

Variables(1)(2)(3)(4)(5)(6)(7)(8)(9)
(1) Tobin's Q1.000        
(2) ESG Score−0.067*1.000       
(0.000)        
(3) Executive gender diversity0.058*0.245*1.000      
(0.000)(0.000)       
(4) Firm size−0.444*0.414*0.061*1.000     
(0.000)(0.000)(0.000)      
(5) Leverage−0.298*0.202*0.039*0.503*1.000    
(0.000)(0.000)(0.003)(0.000)     
(6) ROA0.678*−0.123*0.072*−0.444*−0.442*1.000   
(0.000)(0.000)(0.000)(0.000)(0.000)    
(7) Price volatility−0.105*−0.142*−0.166*−0.024*0.047*−0.136*1.000  
(0.000)(0.000)(0.000)(0.068)(0.000)(0.000)   
(8) Board gender diversity0.0130.354*0.406*0.193*0.125*−0.041*−0.227*1.000 
(0.328)(0.000)(0.000)(0.000)(0.000)(0.002)(0.000)  
(9) Board size−0.256*0.230*−0.024*0.499*0.291*−0.263*0.041*0.051*1.000
(0.000)(0.000)(0.066)(0.000)(0.000)(0.000)(0.002)(0.000) 

Note(s): ***p < 0.01, **p < 0.05, *p < 0.1

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