Table 2 Correlation coefficients r_AVG...

Table 2

Correlation coefficients

	r_AVG	ETHICS	BETA	SIZE	BTM	LEV	LTG	DISP	GOV	CSR	DIV	INST
ETHICS	−0.06***
BETA	0.08***	−0.01
SIZE	−0.12***	−0.08***	−0.06***
BTM	0.21***	−0.04***	0.12***	−0.18***
LEV	0.03	−0.07***	−0.05**	−0.03	0.31***
LTG	0.10***	0.09***	0.03	−0.02	−0.08***	−0.13***
DISP	0.17***	−0.02	0.07***	−0.04**	0.20***	0.02	−0.04*
GOV	−0.03	0.02	−0.01	0.02	−0.08***	−0.15***	−0.00	−0.06***
CSR	−0.01	0.12***	−0.11	0.35***	0.03	0.22***	−0.24***	0.08***	0.08***
DIV	−0.01	−0.03	0.02	−0.02	0.01	−0.01	0.01	−0.01	0.02	0.04**
INST	−0.04*	0.06***	0.01	−0.01	−0.01	0.09***	−0.08***	−0.11***	−0.01	0.07***	0.02
ANACOV	−0.04*	0.08***	0.03	0.46***	−0.10***	−0.19***	0.11***	0.01	−0.05***	0.06***	0.02	−0.06***

	r_AVG	ETHICS	BETA	SIZE	BTM	LEV	LTG	DISP	GOV	CSR	DIV	INST
ETHICS	−0.06***
BETA	0.08***	−0.01
SIZE	−0.12***	−0.08***	−0.06***
BTM	0.21***	−0.04***	0.12***	−0.18***
LEV	0.03	−0.07***	−0.05**	−0.03	0.31***
LTG	0.10***	0.09***	0.03	−0.02	−0.08***	−0.13***
DISP	0.17***	−0.02	0.07***	−0.04**	0.20***	0.02	−0.04*
GOV	−0.03	0.02	−0.01	0.02	−0.08***	−0.15***	−0.00	−0.06***
CSR	−0.01	0.12***	−0.11	0.35***	0.03	0.22***	−0.24***	0.08***	0.08***
DIV	−0.01	−0.03	0.02	−0.02	0.01	−0.01	0.01	−0.01	0.02	0.04**
INST	−0.04*	0.06***	0.01	−0.01	−0.01	0.09***	−0.08***	−0.11***	−0.01	0.07***	0.02
ANACOV	−0.04*	0.08***	0.03	0.46***	−0.10***	−0.19***	0.11***	0.01	−0.05***	0.06***	0.02	−0.06***

Note(s): This table reports Pearson pairwise correlation coefficients of the main regression variables. ***, **, and * indicate statistical significance at the 0.01, 0.05, and 0.10 level, respectively. A more detailed description of the variables is in Appendix A

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