Source: Authors’ computation, 2019
Correlation analysis
| Description of variables | (a) | (b) | (c) | (d) | (e) | (f) | (g) | (h) | (i) | (j) | (k) | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROA | (a) | 1 | ||||||||||
| ROE | (b) | 0.85 | 1 | |||||||||
| Female board participation | (c) | 0.16 | −0.07 | 1 | ||||||||
| HCE | (d) | 0.39 | 0.32 | 0.29 | 1 | |||||||
| SCE | (e) | 0.02 | 0.03 | 0.16 | 0.26 | 1 | ||||||
| Capital employed efficiency | (f) | 0.63 | 0.4 | −0.12 | 0.28 | 0.11 | 1 | |||||
| Firm size | (g) | −0.17 | −0.1 | 0.34 | 0.5 | 0.31 | −0.21 | 1 | ||||
| Director shareholdings | (h) | 0.03 | 0.04 | −0.02 | −0.09 | 0.01 | −0.04 | −0.09 | 1 | |||
| Board size | (i) | −0.23 | −0.18 | 0.05 | 0.02 | 0.16 | −0.18 | 0.33 | 0.22 | 1 | ||
| Firm age | (j) | −0.03 | −0.07 | 0.08 | 0.13 | 0.03 | 0.04 | 0.17 | −0.15 | 0.37 | 1 | |
| Ownership concentration | (k) | −0.19 | −0.07 | 0.1 | −0.4 | −0.01 | −0.16 | −0.31 | 0.12 | 0.08 | 0.3 | 1 |
| Description of variables | (a) | (b) | (c) | (d) | (e) | (f) | (g) | (h) | (i) | (j) | (k) | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROA | (a) | 1 | ||||||||||
| ROE | (b) | 0.85 | 1 | |||||||||
| Female board participation | (c) | 0.16 | −0.07 | 1 | ||||||||
| HCE | (d) | 0.39 | 0.32 | 0.29 | 1 | |||||||
| SCE | (e) | 0.02 | 0.03 | 0.16 | 0.26 | 1 | ||||||
| Capital employed efficiency | (f) | 0.63 | 0.4 | −0.12 | 0.28 | 0.11 | 1 | |||||
| Firm size | (g) | −0.17 | −0.1 | 0.34 | 0.5 | 0.31 | −0.21 | 1 | ||||
| Director shareholdings | (h) | 0.03 | 0.04 | −0.02 | −0.09 | 0.01 | −0.04 | −0.09 | 1 | |||
| Board size | (i) | −0.23 | −0.18 | 0.05 | 0.02 | 0.16 | −0.18 | 0.33 | 0.22 | 1 | ||
| Firm age | (j) | −0.03 | −0.07 | 0.08 | 0.13 | 0.03 | 0.04 | 0.17 | −0.15 | 0.37 | 1 | |
| Ownership concentration | (k) | −0.19 | −0.07 | 0.1 | −0.4 | −0.01 | −0.16 | −0.31 | 0.12 | 0.08 | 0.3 | 1 |