Table 2 Pearson correlation matrix Pos...

Table 2

Pearson correlation matrix

	Pos ESG	Neg ESG	Return	JALSH ret
Pos ESG	1.0000	0.0905***	0.0129**	0.0060
Neg ESG	0.0905***	1.0000	−0.0087*	0.0027
Firm return	0.0129**	−0.0087*	1.0000	0.0343***
JALSH ret	0.0060	0.0027	0.0343***	1.0000

Note(s): The table shows the pairwise Pearson correlation coefficients of the variables, *, ** and *** show statistical significance at the 10, 5 and 1% level, respectively

Source(s): Authors’ estimations

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