Table 2 Correlation matrix Obs TOBIN AEM...

Table 2

Correlation matrix

	Obs	TOBIN	AEM	REM	CSR	STATE	SIZE	BOARD	AGE	ROA	WOMEN	INDEP	LEV
TOBIN	1,275	1.0000
AEM	1,327	−0.0773***	1.0000
REM	1,539	−0.1317***	0.2423***	1.0000
CSR	1,539	0.2783***	−0.3254***	0.0885***	1.0000
STATE	1,552	0.1146***	0.1703**	0.0512**	0.4220***	1.0000
SIZE	1,326	0.5205***	−0.4384***	−0.0187	0.5021***	0.3061***	1.0000
BOARD	1,561	0.1544**	0.2901 ***	0.0458*	0.5321***	0.4142***	0.3846***	1.0000
AGE	1,555	0.1214***	−0.1147***	0.0512**	0.1010***	−0.0726***	0.1620***	0.0951***	1.0000
ROA	1,412	0.0072	−0.1152	−0.0280	−0.0215	−0.0096	−0.0708***	0.0280	−0.0435	1.0000
WOMEN	1,554	−0.1066***	0.1657***	−0.0631**	−0.1605***	−0.0504**	−0.1916***	−0.1369***	−0.0512**	−0.0105	1.0000
INDEP	1,561	0.0958***	−0.1054***	0.0531**	0.2622***	0.0942***	0.2416***	0.2577***	0.1351***	0.0039	−0.0416	1.0000
LEV	1,321	−0.0428	0.0245*	−0.0139	0.1076***	0.0686**	0.1105***	0.0572**	0.0007	0.0599**	−0.0582**	0.0300	1.0000

	Obs	TOBIN	AEM	REM	CSR	STATE	SIZE	BOARD	AGE	ROA	WOMEN	INDEP	LEV
TOBIN	1,275	1.0000
AEM	1,327	−0.0773***	1.0000
REM	1,539	−0.1317***	0.2423***	1.0000
CSR	1,539	0.2783***	−0.3254***	0.0885***	1.0000
STATE	1,552	0.1146***	0.1703**	0.0512**	0.4220***	1.0000
SIZE	1,326	0.5205***	−0.4384***	−0.0187	0.5021***	0.3061***	1.0000
BOARD	1,561	0.1544**	0.2901 ***	0.0458*	0.5321***	0.4142***	0.3846***	1.0000
AGE	1,555	0.1214***	−0.1147***	0.0512**	0.1010***	−0.0726***	0.1620***	0.0951***	1.0000
ROA	1,412	0.0072	−0.1152	−0.0280	−0.0215	−0.0096	−0.0708***	0.0280	−0.0435	1.0000
WOMEN	1,554	−0.1066***	0.1657***	−0.0631**	−0.1605***	−0.0504**	−0.1916***	−0.1369***	−0.0512**	−0.0105	1.0000
INDEP	1,561	0.0958***	−0.1054***	0.0531**	0.2622***	0.0942***	0.2416***	0.2577***	0.1351***	0.0039	−0.0416	1.0000
LEV	1,321	−0.0428	0.0245*	−0.0139	0.1076***	0.0686**	0.1105***	0.0572**	0.0007	0.0599**	−0.0582**	0.0300	1.0000

Source(s): Author's own creation/work

The table reports Pearson correlation coefficients between variables for the observations from 2012 to 2018. Variable definitions are provided in Appendix B. *, ** and *** denote statistical significance at the 10%, 5% and 1% levels, respectively

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