Table 2 Correlation matrix ROA 0.805 ROE...

Table 2

Correlation matrix

ROA
0.805	ROE
−0.108	0.061	ESG
−0.198	0.049	0.790	E
−0.087	0.060	0.925	0.638	S
−0.031	0.066	0.761	0.432	0.486	G
0.057	−0.058	−0.282	−0.379	−0.234	−0.184	LA
0.032	0.076	−0.086	−0.026	−0.123	−0.021	−0.689	DEPO
−0.144	−0.207	0.103	0.162	0.127	−0.003	−0.047	0.047	NPL
0.511	0.003	−0.300	−0.455	−0.245	−0.172	0.255	−0.108	0.031	CAP
−0.088	0.106	0.411	0.580	0.361	0.237	−0.378	0.123	0.031	−0.424	LNTA
−0.057	−0.126	0.043	−0.142	0.066	0.053	0.251	−0.294	−0.160	0.120	−0.513	OPEN
0.236	0.324	−0.026	0.058	−0.028	−0.010	−0.042	0.063	−0.034	−0.023	0.118	−0.284	GDP
0.206	0.217	0.080	0.067	0.126	−0.010	−0.049	0.006	0.060	0.029	0.022	−0.041	0.194	INF

Note(s): ROA, pre-tax return on assets; ROE, pre-tax return on assets; ROE, pre-tax return on equity; ESG, the ESG combined score; E, the environmental pillar score; S, the social pillar score; G, the governance pillar score; LA, the ratio of total loans to total assets; DEPO, the ratio of total deposits to total loans; NPL, the ratio of non-performing loans to total loans; CAP, the ratio of total equity to total assets; LNTA, the natural logarithm of total assets; OPEN, the banking freedom index; GDP, the growth rate of GDP; INF, the inflation rate

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