Table 4 Correlation matrix SS QMS EBOF...

Table 4

Correlation matrix

	SS	QMS	EBOF	SARS	COR	EOLF	MKS	SIP
SS	1
QMS	0.330***	1
EBOF	0.319***	0.682***	1
SARS	0.327***	0.695***	0.780***	1
COR	−0.263**	−0.591***	−0.738***	−0.612***	1
EOLF	0.223**	0.632***	0.874***	0.707***	−0.622***	1
MKS	0.249**	0.373***	0.246**	0.330***	−0.243**	0.220**	1
SIP	0.195**	0.310***	0.325***	0.366***	−0.221**	0.300***	0.312***	1

	SS	QMS	EBOF	SARS	COR	EOLF	MKS	SIP
SS	1
QMS	0.330***	1
EBOF	0.319***	0.682***	1
SARS	0.327***	0.695***	0.780***	1
COR	−0.263**	−0.591***	−0.738***	−0.612***	1
EOLF	0.223**	0.632***	0.874***	0.707***	−0.622***	1
MKS	0.249**	0.373***	0.246**	0.330***	−0.243**	0.220**	1
SIP	0.195**	0.310***	0.325***	0.366***	−0.221**	0.300***	0.312***	1

Note(s): SS: sustainability score; QMS: the quality of management schools in one country; EBOF: ethical behavior of firms; SARS: the strength of auditing and reporting standards in one country; COR: the level of corruption in one country; EOLF: the efficiency of legal framework in challenging regulations; MKS: market size; SIP: the strength of investor protection

*significant at 10%; **significant at 5%; ***significant at 1%

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