Table 3 Correlation matrix of all... | Emerald Publishing

Table 3

Correlation matrix of all variables

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)
$C S R D i s c l o s u r e_{i, t}$	1.00
$C O V I D_{N Z, t}$	0.20*	1.00
$R A N G E_{i, t}$	−0.01	−0.09*	1.00
$I L L I Q_{i, t}$	−0.02	−0.05*	−0.03	1.00
$P R O F_{i, t}$	0.01	0.00	0.13*	−0.01	1.00
$L E V_{i, t}$	−0.01	0.00	0.17*	−0.07*	0.12*	1.00
$S I Z E_{i, t}$	0.00	0.00	−0.04*	0.03	0.14*	−0.61*	1.00
$A G E_{j, t}$	0.03	0.00	0.10*	0.00	0.33*	0.13*	0.05*	1.00
$B E T A_{N Z, t}^{M K T}$	−0.07*	0.00	0.13*	−0.01	0.10*	0.04*	−0.12*	−0.11*	1.00
$B E T A_{N Z, t}^{S M B}$	−0.01	0.00	0.11*	0.04*	0.04*	0.01	−0.02	0.02	−0.03	1.00
$B E T A_{N Z, t}^{H M L}$	−0.03	0.00	−0.12*	0.05*	0.01	0.10*	0.00	0.02	−0.04*	−0.09*	1.00
$B E T A_{N Z, t}^{M O M}$	−0.01	0.00	−0.07*	0.03	0.00	0.14*	−0.01	0.10*	−0.20*	0.50*	0.46*	1.00

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