Table 7 Pearson correlation and...

Table 7

Pearson correlation and collinearity diagnostics results using the “top” and “bottom” panels data

	Variable	ROA_t	ENV Score_t	SOC Score_t	CGV Score_t	ProductResp. Score_t	CSR-Strategy Score_t	EnvInnov. Score_t	Management Score_t	ResourceUse Score_t	Overhead Ratio_t	CahsFlowSales Ratio_t	Quick Ratio_t	lnTA_t
Top	ROA_t	1
	ENV_Score_t	−0.022	1
	SOC_Score_t	0.141***	0.427***	1
	CGV_Score_t	−0.015	−0.073**	−0.108***	1
	ProductResp._Score_t	−0.026	0.341***	0.594***	−0.055	1
	CSRStrategy_Score_t	0.006	0.316***	0.290***	0.220***	0.021	1
	EnvInnovation_Score_t	−0.128***	0.406***	0.113***	0.159***	0.100***	0.238***	1
	Management_Score_t	−0.002	−0.091**	−0.123***	0.945***	−0.041	0.055	0.091**	1
	ResourceUse_Score_t	0.095***	0.764***	0.491***	−0.151***	0.367***	0.196***	0.079**	−0.124***	1
	Overhead_Ratio_t	−0.423***	−0.045	−0.093***	0.115***	−0.002	−0.092**	0.169***	0.128***	−0.124***	1
	CahsFlowSales_Ratio_t	0.403***	0.023	0.111***	−0.098***	−0.021	0.164***	−0.171***	−0.121***	0.081**	−0.852***	1
	Quick_Ratio_t	0.207***	−0.034	−0.109***	−0.034	−0.078**	−0.026	−0.028	−0.03	−0.017	−0.235***	0.266***	1
	lnTA_t	−0.272***	0.300***	0.294***	0.076**	0.169***	0.287***	0.362***	0.038	0.257***	−0.061*	0.009	−0.258***	1
Bottom	ROA_t	1
	ENV_Score_t	−0.095***	1
	SOC_Score_t	0.023	0.525***	1
	CGV_Score_t	−0.041	0.060*	0.153***	1
	ProductResp._Score_t	0.004	0.392***	0.748***	0.109***	1
	CSRStrategy_Score_t	−0.092***	0.587***	0.450***	0.226***	0.261***	1
	EnvInnovation_Score_t	−0.054*	0.430***	0.223***	0.001	0.249***	0.211***	1
	Management_Score_t	−0.029	−0.037	0.068**	0.950***	0.077**	0.056*	−0.042	1
	ResourceUse_Score_t	−0.082**	0.894***	0.545***	0.045	0.399***	0.536***	0.253***	−0.035	1
	Overhead_Ratio_t	−0.429***	−0.042	−0.038	0.043	0.015	0.006	0.001	0.037	−0.049	1
	CahsFlowSales_Ratio_t	0.704***	−0.028	−0.055*	−0.087***	−0.084***	−0.037	−0.03	−0.082**	−0.025	−0.538***	1
	Quick_Ratio_t	0.037	−0.13***	−0.185***	−0.127***	−0.090***	−0.116***	0.001	−0.119***	−0.139***	−0.127***	0.256***	1
	lnTA_t	−0.137***	0.189***	0.003	0.082**	0.008	0.224***	0.161***	0.052*	0.120***	0.029	−0.077**	−0.071**	1

	Variable	ROA_t	ENV Score_t	SOC Score_t	CGV Score_t	ProductResp. Score_t	CSR-Strategy Score_t	EnvInnov. Score_t	Management Score_t	ResourceUse Score_t	Overhead Ratio_t	CahsFlowSales Ratio_t	Quick Ratio_t	lnTA_t
Top	ROA_t	1
	ENV_Score_t	−0.022	1
	SOC_Score_t	0.141***	0.427***	1
	CGV_Score_t	−0.015	−0.073**	−0.108***	1
	ProductResp._Score_t	−0.026	0.341***	0.594***	−0.055	1
	CSRStrategy_Score_t	0.006	0.316***	0.290***	0.220***	0.021	1
	EnvInnovation_Score_t	−0.128***	0.406***	0.113***	0.159***	0.100***	0.238***	1
	Management_Score_t	−0.002	−0.091**	−0.123***	0.945***	−0.041	0.055	0.091**	1
	ResourceUse_Score_t	0.095***	0.764***	0.491***	−0.151***	0.367***	0.196***	0.079**	−0.124***	1
	Overhead_Ratio_t	−0.423***	−0.045	−0.093***	0.115***	−0.002	−0.092**	0.169***	0.128***	−0.124***	1
	CahsFlowSales_Ratio_t	0.403***	0.023	0.111***	−0.098***	−0.021	0.164***	−0.171***	−0.121***	0.081**	−0.852***	1
	Quick_Ratio_t	0.207***	−0.034	−0.109***	−0.034	−0.078**	−0.026	−0.028	−0.03	−0.017	−0.235***	0.266***	1
	lnTA_t	−0.272***	0.300***	0.294***	0.076**	0.169***	0.287***	0.362***	0.038	0.257***	−0.061*	0.009	−0.258***	1
Bottom	ROA_t	1
	ENV_Score_t	−0.095***	1
	SOC_Score_t	0.023	0.525***	1
	CGV_Score_t	−0.041	0.060*	0.153***	1
	ProductResp._Score_t	0.004	0.392***	0.748***	0.109***	1
	CSRStrategy_Score_t	−0.092***	0.587***	0.450***	0.226***	0.261***	1
	EnvInnovation_Score_t	−0.054*	0.430***	0.223***	0.001	0.249***	0.211***	1
	Management_Score_t	−0.029	−0.037	0.068**	0.950***	0.077**	0.056*	−0.042	1
	ResourceUse_Score_t	−0.082**	0.894***	0.545***	0.045	0.399***	0.536***	0.253***	−0.035	1
	Overhead_Ratio_t	−0.429***	−0.042	−0.038	0.043	0.015	0.006	0.001	0.037	−0.049	1
	CahsFlowSales_Ratio_t	0.704***	−0.028	−0.055*	−0.087***	−0.084***	−0.037	−0.03	−0.082**	−0.025	−0.538***	1
	Quick_Ratio_t	0.037	−0.13***	−0.185***	−0.127***	−0.090***	−0.116***	0.001	−0.119***	−0.139***	−0.127***	0.256***	1
	lnTA_t	−0.137***	0.189***	0.003	0.082**	0.008	0.224***	0.161***	0.052*	0.120***	0.029	−0.077**	−0.071**	1

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