Table A1 Correlation matrix 1 2 3 4 5 6... | Emerald Publishing

Table A1

Correlation matrix

		1	2	3	4	5	6	7	8	9	10	11	12
1	CEO turnover	1
2	Size (ln assets)	0.132^***	1
3	Leverage	−0.002	−0.054^***	1
4	CEO duality	−0.003	0.040^***	0.004	1
5	Public	0.039^***	0.223^***	−0.129^***	−0.039^***	1
6	IBEX-35	0.020^**	0.213^***	−0.047^***	−0.010	0.532^***	1
7	Chairperson turnover	0.065^***	0.105^***	0.001	−0.117^***	0.025^***	0.007	1
8	$Δ ROA$	−0.003	0.015†	−0.023^**	0.016†	−0.002†	−0.001	−0.004	1
9	$Δ Market-to-book$	−0.076†	0.027	−0.002	0.013	−0.046^**	−0.036	0.007	−0.030	1
10	Stake held by the CEO	−0.050^***	−0.084^***	0.058^***	0.005	−0.044^***	−0.023^**	−0.043^***	−0.003	−0.005	1
11	Ownership (largest shareholder)	0.026^**	−0.020^*	0.142^***	0.042^***	−0.276^***	−0.146^***	0.041^***	−0.002	0.107^*	−0.026^***	1
12	Ownership (second-largest shareholder)	0.022†	−0.081^***	0.035^**	0.015	−0.157^***	−0.087^***	−0.004	0.012	−0.038	0.017	−0.072^***	1
13	Ownership (third-largest shareholder)	−0.007	−0.133^***	0.100^***	0.024	−0.191^***	−0.097^***	−0.002	0.006	−0.058	0.050*	−0.236^***	0.263^***

		1	2	3	4	5	6	7	8	9	10	11	12
1	CEO turnover	1
2	Size (ln assets)	0.132^***	1
3	Leverage	−0.002	−0.054^***	1
4	CEO duality	−0.003	0.040^***	0.004	1
5	Public	0.039^***	0.223^***	−0.129^***	−0.039^***	1
6	IBEX-35	0.020^**	0.213^***	−0.047^***	−0.010	0.532^***	1
7	Chairperson turnover	0.065^***	0.105^***	0.001	−0.117^***	0.025^***	0.007	1
8	$Δ ROA$	−0.003	0.015†	−0.023^**	0.016†	−0.002†	−0.001	−0.004	1
9	$Δ Market-to-book$	−0.076†	0.027	−0.002	0.013	−0.046^**	−0.036	0.007	−0.030	1
10	Stake held by the CEO	−0.050^***	−0.084^***	0.058^***	0.005	−0.044^***	−0.023^**	−0.043^***	−0.003	−0.005	1
11	Ownership (largest shareholder)	0.026^**	−0.020^*	0.142^***	0.042^***	−0.276^***	−0.146^***	0.041^***	−0.002	0.107^*	−0.026^***	1
12	Ownership (second-largest shareholder)	0.022†	−0.081^***	0.035^**	0.015	−0.157^***	−0.087^***	−0.004	0.012	−0.038	0.017	−0.072^***	1
13	Ownership (third-largest shareholder)	−0.007	−0.133^***	0.100^***	0.024	−0.191^***	−0.097^***	−0.002	0.006	−0.058	0.050*	−0.236^***	0.263^***

Note(s): †, *, **, *** indicate significance at the 0.10, 0.05, 0.01, and 0.001 levels, respectively

Source(s): Authors' elaboration