Pearson correlations
| Variables | ESG_perf | B_size | B_gend | B_mgend | B_age | B_act | B_ind | CSR_com | Size | Lev | Roe | Gdp | VIF |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ESG_perf | 1.0000 | 0.7772** | 0.5694*** | 0.4755*** | 0.1965 | 0.6753** | 0.0897 | 0.6677*** | 0.7570*** | −0.2247*** | 0.0884 | 0.2127*** | 1.26 |
| B_size | 1.0000 | −0.1377 | 0.3082*** | 0.0587 | 0.0124 | −0.3744*** | 0.1718*** | 0.2615*** | −0.2232*** | 0.0046 | −0.4296*** | 1.14 | |
| B_gend | 1.0000 | 0.7347*** | −0.0776 | −0.1050*** | 0.1286** | 0.3354*** | 0.4730*** | −0.1514*** | 0.1411** | 0.1313** | 1.65 | ||
| B_mgend | 1.0000 | −0.1877 | −0.2077** | 0.0227 | 0.3122*** | 0.3987*** | −0.1920*** | 0.0887 | −0.0766 | 1.34 | |||
| B_age | 1.0000 | 0.0744 | 0.2866 | 0.0623 | 0.3555 | −0.0557 | 0.0445 | −0.2488 | 1.44 | ||||
| B_act | 1.0000 | −0.2113* | 0.1549** | 0.1099*** | 0.2102*** | −0.2223** | −0.0067 | 1.17 | |||||
| B_ind | 1.0000 | 0.0177 | 0.1107 | 0.3654*** | 0.1316** | 0.4565*** | 1.35 | ||||||
| CSR_com | 1.0000 | 0.4349*** | −0.3332*** | −0.0766 | −0.1626*** | 2.55 | |||||||
| Size | 1.0000 | −0.2645*** | 0.0263 | −0.0777 | 2.43 | ||||||||
| Lev | 1.0000 | 0.1960*** | 0.1762*** | 1.09 | |||||||||
| Roe | 1.0000 | 0.1825 | 2.29 | ||||||||||
| Gdp | 1.0000 | 1.68 |
| Variables | ESG_perf | B_size | B_gend | B_mgend | B_age | B_act | B_ind | CSR_com | Size | Lev | Roe | Gdp | VIF |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ESG_perf | 1.0000 | 0.7772** | 0.5694*** | 0.4755*** | 0.1965 | 0.6753** | 0.0897 | 0.6677*** | 0.7570*** | −0.2247*** | 0.0884 | 0.2127*** | 1.26 |
| B_size | 1.0000 | −0.1377 | 0.3082*** | 0.0587 | 0.0124 | −0.3744*** | 0.1718*** | 0.2615*** | −0.2232*** | 0.0046 | −0.4296*** | 1.14 | |
| B_gend | 1.0000 | 0.7347*** | −0.0776 | −0.1050*** | 0.1286** | 0.3354*** | 0.4730*** | −0.1514*** | 0.1411** | 0.1313** | 1.65 | ||
| B_mgend | 1.0000 | −0.1877 | −0.2077** | 0.0227 | 0.3122*** | 0.3987*** | −0.1920*** | 0.0887 | −0.0766 | 1.34 | |||
| B_age | 1.0000 | 0.0744 | 0.2866 | 0.0623 | 0.3555 | −0.0557 | 0.0445 | −0.2488 | 1.44 | ||||
| B_act | 1.0000 | −0.2113* | 0.1549** | 0.1099*** | 0.2102*** | −0.2223** | −0.0067 | 1.17 | |||||
| B_ind | 1.0000 | 0.0177 | 0.1107 | 0.3654*** | 0.1316** | 0.4565*** | 1.35 | ||||||
| CSR_com | 1.0000 | 0.4349*** | −0.3332*** | −0.0766 | −0.1626*** | 2.55 | |||||||
| Size | 1.0000 | −0.2645*** | 0.0263 | −0.0777 | 2.43 | ||||||||
| Lev | 1.0000 | 0.1960*** | 0.1762*** | 1.09 | |||||||||
| Roe | 1.0000 | 0.1825 | 2.29 | ||||||||||
| Gdp | 1.0000 | 1.68 |
Note(s): *,**, and *** denotes level of significance at the 0.10, 0.05 and 0.01 levels, respectively
Source(s): Table by authors
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