Table III Correlation matrix Variables...

Table III

Correlation matrix

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)
(1) COE	1.000
(2) BOWNS	0.027	1.000
(3) IOWNS	0.148	−0.054	1.000
(4) NED	0.071	−0.045	−0.051	1.000
(5) INED	−0.257	0.012	−0.269	−0.511	1.000
(6) BDS	−0.019	−0.017	−0.209	0.369	0.342	1.000
(7) FMD	0.074	−0.005	0.513	0.055	−0.243	−0.193	1.000
(8) DULITY	0.194	−0.034	0.068	−0.171	−0.088	−0.224	−0.081	1.000
(9) TENURE	−0.854	−0.042	−0.181	−0.044	0.335	0.050	−0.008	−0.238	1.000
(10) LEV	0.381	0.100	0.199	−0.313	−0.102	−0.307	−0.096	0.205	−0.454	1.000
(11) LNTA	−0.377	0.022	−0.048	−0.178	0.056	−0.232	0.118	0.023	0.377	−0.302	1.000

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)
(1) COE	1.000
(2) BOWNS	0.027	1.000
(3) IOWNS	0.148	−0.054	1.000
(4) NED	0.071	−0.045	−0.051	1.000
(5) INED	−0.257	0.012	−0.269	−0.511	1.000
(6) BDS	−0.019	−0.017	−0.209	0.369	0.342	1.000
(7) FMD	0.074	−0.005	0.513	0.055	−0.243	−0.193	1.000
(8) DULITY	0.194	−0.034	0.068	−0.171	−0.088	−0.224	−0.081	1.000
(9) TENURE	−0.854	−0.042	−0.181	−0.044	0.335	0.050	−0.008	−0.238	1.000
(10) LEV	0.381	0.100	0.199	−0.313	−0.102	−0.307	−0.096	0.205	−0.454	1.000
(11) LNTA	−0.377	0.022	−0.048	−0.178	0.056	−0.232	0.118	0.023	0.377	−0.302	1.000

Notes: COE, cost of equity; BOWNS, block ownership; IOWNS, inside ownership; NED, non-executive directors; INED, independent non-executive directors; BDS, board size; FMD, female directors; DUA, CEO duality; CEO TEN, CEO tenure; LEV, leverage; LNTA, LOG of total assets

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