Table II Correlation matrix for all...

Table II

Correlation matrix for all firm-year observations

Variable	ESG	E	S	indirector	roe	lever	salesgrowth	sales	assets	employees
Japanese data
ESG	1.00
E	0.93***	1.00
S	0.73***	0.44***	1.00
indirector	0.04	−0.03	0.07	1.00
roe	−0.28***	−0.21**	−0.26***	−0.07	1.00
lever	−0.16*	−0.23***	0.09	0.14*	−0.07	1.00
salesgrowth	−0.31***	−0.17**	−0.24***	0.05	0.42***	−0.04	1.00
assets	−0.07	−0.17**	0.09	0.19**	−0.03	0.82***	−0.05	0.12	1.00
employees	0.25***	0.21***	0.12	0.16*	−0.19**	−0.16*	−0.10	0.79***	0.03	1.00
US data
E	0.96***	1.00
S	0.89***	0.67***	1.00
indirector	0.26***	0.15***	0.23***	1.00
roe	0.06**	0.07**	0.06*	0.07**	1.00
leverage	−0.01	0.01	−0.01	−0.01	−0.31***	1.00
salesgrowth	−0.03	0.02	−0.03	−0.03	0.00	0.01	1.00
turnover	0.26***	0.18***	0.22***	0.09***	0.03	−0.01	0.06**	1.00
assets	0.16***	0.15***	0.07**	0.07**	−0.03	0.10***	0.05*	0.40***	1.00
employees	0.14***	0.05	0.10***	0.02	0.03	−0.00	0.02	0.67***	0.23***	1.00

Variable	ESG	E	S	indirector	roe	lever	salesgrowth	sales	assets	employees
Japanese data
ESG	1.00
E	0.93***	1.00
S	0.73***	0.44***	1.00
indirector	0.04	−0.03	0.07	1.00
roe	−0.28***	−0.21**	−0.26***	−0.07	1.00
lever	−0.16*	−0.23***	0.09	0.14*	−0.07	1.00
salesgrowth	−0.31***	−0.17**	−0.24***	0.05	0.42***	−0.04	1.00
assets	−0.07	−0.17**	0.09	0.19**	−0.03	0.82***	−0.05	0.12	1.00
employees	0.25***	0.21***	0.12	0.16*	−0.19**	−0.16*	−0.10	0.79***	0.03	1.00
US data
E	0.96***	1.00
S	0.89***	0.67***	1.00
indirector	0.26***	0.15***	0.23***	1.00
roe	0.06**	0.07**	0.06*	0.07**	1.00
leverage	−0.01	0.01	−0.01	−0.01	−0.31***	1.00
salesgrowth	−0.03	0.02	−0.03	−0.03	0.00	0.01	1.00
turnover	0.26***	0.18***	0.22***	0.09***	0.03	−0.01	0.06**	1.00
assets	0.16***	0.15***	0.07**	0.07**	−0.03	0.10***	0.05*	0.40***	1.00
employees	0.14***	0.05	0.10***	0.02	0.03	−0.00	0.02	0.67***	0.23***	1.00

Notes: The industry dummy and year dummy variables are not included in this table. *p<0.05; **p<0.01; ***p<0.001

Sharing Unavailable