Table 4 Correlation matrix Variables TVD...

Table 4

Correlation matrix

Variables	TVD	PEOI	BSZE	BLS	PIND	PFD	ROS	ROA	TS	TA
ED	1.000
SHI	−0.523**	1.000
BSZE	0.288**	−0.169	1.000
BLS	0.382**	−0.214*	0.235*	1.000
IND	0.013	0.024	−0.224*	−0.021	1.000
FD	0.287**	−0.194*	0.078	0.164	0.147	1.000
ROS	0.129	−0.075	0.145	0.041	−0.187	−0.071	1.000
ROA	0.043	−0.014	0.126	0.050	0.101	−0.052	0.430**	1.000
TS	0.185	−0.131	0.186	0.001	0.012	−0.143	−0.016	0.187	1.000
TA	0.377**	−0.043	0.272**	0.066	−0.052	−0.107	0.257**	−0.011	0.514**	1.000

Variables	TVD	PEOI	BSZE	BLS	PIND	PFD	ROS	ROA	TS	TA
ED	1.000
SHI	−0.523**	1.000
BSZE	0.288**	−0.169	1.000
BLS	0.382**	−0.214*	0.235*	1.000
IND	0.013	0.024	−0.224*	−0.021	1.000
FD	0.287**	−0.194*	0.078	0.164	0.147	1.000
ROS	0.129	−0.075	0.145	0.041	−0.187	−0.071	1.000
ROA	0.043	−0.014	0.126	0.050	0.101	−0.052	0.430**	1.000
TS	0.185	−0.131	0.186	0.001	0.012	−0.143	−0.016	0.187	1.000
TA	0.377**	−0.043	0.272**	0.066	−0.052	−0.107	0.257**	−0.011	0.514**	1.000

Note(s): ** Correlation is significant at the 0.01 level (two-tailed)

* Correlation is significant at the 0.05 level (two-tailed)

* SHI = Share held by the insiders to all equity of the firm; BSZE = Board Size; BLS = Board Leadership Structure; IND = Independent Directors; FD = Female Directors; ROS = Return on Sales, ROA = Return on Assets; TS = Total Sales; TA = Total Assets

[ViewLarge]

Sharing Unavailable