Table 4 Correlation matrix Variable (1)... | Emerald Publishing

Table 4

Correlation matrix

Variable	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)
(1)Water_disclosure		0.505***	0.025**	0.050***	0.028**	−0.018	0.336***	0.126***	−0.091***	0.202***	−0.114***	−0.007	−0.271***	0.137***
(2)Water_dummy	0.643***		0.081***	0.086***	0.024***	0.012	0.150***	0.058***	−0.040***	0.085***	−0.062***	−0.027**	−0.109***	0.051***
(3)Gender_num	0.015**	0.006		0.967***	0.699***	−0.054***	−0.090***	−0.083***	0.042***	−0.156***	0.081***	−0.078***	0.048***	0.042***
(4)Gender_ratio	0.040***	0.006	0.960***		0.675***	−0.055***	−0.136***	−0.106***	0.043***	−0.202***	0.111***	−0.008	0.081***	0.041***
(5)Gender_ind	0.030**	0.016	0.698***	0.673***		−0.078***	−0.051***	−0.051***	−0.002	−0.049***	0.023*	−0.002	0.028**	0.075***
(6)Water_sensitive	−0.013	−0.062***	−0.053***	−0.047***	−0.079***		0.201***	0.160***	−0.017	−0.105***	−0.061***	0.086***	−0.156***	0.070***
(7)Size	0.338***	0.433***	−0.098***	−0.139***	−0.058***	0.196***		0.515***	−0.105***	0.299***	−0.121***	0.064***	−0.605***	0.281***
(8)Lev	0.127***	0.170***	−0.081***	−0.098***	−0.047***	0.155***	0.508***		−0.462***	0.224***	−0.097***	0.015	−0.459***	0.233***
(9)Roa	−0.069***	−0.035***	0.032***	0.031***	0.008	−0.029**	−0.059***	−0.427***		−0.152***	0.068***	−0.018	0.345***	−0.176***
(10)SOE	0.204***	0.273***	−0.153***	−0.172***	−0.028***	−0.127***	0.354***	0.308***	−0.097***		−0.280***	−0.023*	−0.237***	0.325***
(11)Dual	−0.113***	−0.125***	0.079***	0.109***	0.023*	−0.061***	−0.116***	−0.100***	0.055***	−0.299***		0.081***	0.112***	−0.151***
(12)Board	−0.004	0.003	−0.093***	−0.016	−0.009	0.079***	0.084***	0.033***	−0.016	−0.060***	0.078***		0.007	0.021*
(13)Tobin’s Q	−0.214***	−0.103***	0.015	0.044***	0.01	−0.074***	−0.471***	−0.371***	0.267***	−0.125***	0.087***	0.044***		−0.161***
(14)Age	0.154***	0.226***	0.011	0.016	0.062***	0.055***	0.268***	0.273***	−0.163***	0.428***	−0.166***	0.011	−0.073***

Variable	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)
(1)Water_disclosure		0.505***	0.025**	0.050***	0.028**	−0.018	0.336***	0.126***	−0.091***	0.202***	−0.114***	−0.007	−0.271***	0.137***
(2)Water_dummy	0.643***		0.081***	0.086***	0.024***	0.012	0.150***	0.058***	−0.040***	0.085***	−0.062***	−0.027**	−0.109***	0.051***
(3)Gender_num	0.015**	0.006		0.967***	0.699***	−0.054***	−0.090***	−0.083***	0.042***	−0.156***	0.081***	−0.078***	0.048***	0.042***
(4)Gender_ratio	0.040***	0.006	0.960***		0.675***	−0.055***	−0.136***	−0.106***	0.043***	−0.202***	0.111***	−0.008	0.081***	0.041***
(5)Gender_ind	0.030**	0.016	0.698***	0.673***		−0.078***	−0.051***	−0.051***	−0.002	−0.049***	0.023*	−0.002	0.028**	0.075***
(6)Water_sensitive	−0.013	−0.062***	−0.053***	−0.047***	−0.079***		0.201***	0.160***	−0.017	−0.105***	−0.061***	0.086***	−0.156***	0.070***
(7)Size	0.338***	0.433***	−0.098***	−0.139***	−0.058***	0.196***		0.515***	−0.105***	0.299***	−0.121***	0.064***	−0.605***	0.281***
(8)Lev	0.127***	0.170***	−0.081***	−0.098***	−0.047***	0.155***	0.508***		−0.462***	0.224***	−0.097***	0.015	−0.459***	0.233***
(9)Roa	−0.069***	−0.035***	0.032***	0.031***	0.008	−0.029**	−0.059***	−0.427***		−0.152***	0.068***	−0.018	0.345***	−0.176***
(10)SOE	0.204***	0.273***	−0.153***	−0.172***	−0.028***	−0.127***	0.354***	0.308***	−0.097***		−0.280***	−0.023*	−0.237***	0.325***
(11)Dual	−0.113***	−0.125***	0.079***	0.109***	0.023*	−0.061***	−0.116***	−0.100***	0.055***	−0.299***		0.081***	0.112***	−0.151***
(12)Board	−0.004	0.003	−0.093***	−0.016	−0.009	0.079***	0.084***	0.033***	−0.016	−0.060***	0.078***		0.007	0.021*
(13)Tobin’s Q	−0.214***	−0.103***	0.015	0.044***	0.01	−0.074***	−0.471***	−0.371***	0.267***	−0.125***	0.087***	0.044***		−0.161***
(14)Age	0.154***	0.226***	0.011	0.016	0.062***	0.055***	0.268***	0.273***	−0.163***	0.428***	−0.166***	0.011	−0.073***

Note(s): Lower-triangular cells report Pearson’s correlation coefficients, upper-triangular cells are Spearman’s rank correlation. All variables are defined in Appendix 1. ***p < 0.01, **p < 0.05, *p < 0.1