Table 5 Correlation coefficients... | Emerald Publishing

Table 5

Correlation coefficients

Variable	Abtone	D&O	Size	Lev	Growth	Dir	Top1	ROE	Loss	OCF	LR	Dual	BM	Board
Abtone	1.00
D&O	0.05^***	1.00
Size	0.00	0.21^***	1.00
Lev	−0.01	0.09^***	0.36^***	1.00
Growth	0.00	−0.01^*	−0.02^*	0.07^***	1.00
Dir	0.01^*	−0.01	−0.02^*	−0.02^***	0.00	1.00
Top1	0.00	0.02^**	0.26^***	0.09^***	0.03^***	0.03^***	1.00
ROE	−0.00	−0.00	0.14^***	−0.20^***	0.05^***	0.01	0.12^***	1.00
Loss	0.00	0.01	−0.13^***	0.19^***	−0.03^***	−0.02^*	−0.11^***	−0.66^***	1.00
OCF	−0.01	0.01^*	0.07^***	−0.18^***	−0.09^***	−0.01	0.09^***	0.26^***	−0.19^***	1.00
LR	−0.01^*	−0.05^***	−0.27^***	−0.65^***	0.02^*	0.02^**	−0.06^***	0.09^***	−0.11^***	0.02^**	1.00
Dual	0.02^***	−0.05^***	−0.12^***	−0.09^***	−0.01	0.05^***	−0.11^***	−0.01	0.01^*	−0.01	0.08^***	1.00
BM	−0.04^***	0.16^***	0.63^***	0.51^***	0.04^***	−0.02^*	0.16^***	−0.06^***	0.03^***	−0.09^***	−0.27^***	−0.11^***	1.00
Board	−0.01	0.03^***	0.23^***	0.13^***	−0.03^***	−0.32^***	0.06^***	0.06^***	−0.06^***	0.05^***	−0.13^***	−0.18^***	0.15^***	1.00

Variable	Abtone	D&O	Size	Lev	Growth	Dir	Top1	ROE	Loss	OCF	LR	Dual	BM	Board
Abtone	1.00
D&O	0.05^***	1.00
Size	0.00	0.21^***	1.00
Lev	−0.01	0.09^***	0.36^***	1.00
Growth	0.00	−0.01^*	−0.02^*	0.07^***	1.00
Dir	0.01^*	−0.01	−0.02^*	−0.02^***	0.00	1.00
Top1	0.00	0.02^**	0.26^***	0.09^***	0.03^***	0.03^***	1.00
ROE	−0.00	−0.00	0.14^***	−0.20^***	0.05^***	0.01	0.12^***	1.00
Loss	0.00	0.01	−0.13^***	0.19^***	−0.03^***	−0.02^*	−0.11^***	−0.66^***	1.00
OCF	−0.01	0.01^*	0.07^***	−0.18^***	−0.09^***	−0.01	0.09^***	0.26^***	−0.19^***	1.00
LR	−0.01^*	−0.05^***	−0.27^***	−0.65^***	0.02^*	0.02^**	−0.06^***	0.09^***	−0.11^***	0.02^**	1.00
Dual	0.02^***	−0.05^***	−0.12^***	−0.09^***	−0.01	0.05^***	−0.11^***	−0.01	0.01^*	−0.01	0.08^***	1.00
BM	−0.04^***	0.16^***	0.63^***	0.51^***	0.04^***	−0.02^*	0.16^***	−0.06^***	0.03^***	−0.09^***	−0.27^***	−0.11^***	1.00
Board	−0.01	0.03^***	0.23^***	0.13^***	−0.03^***	−0.32^***	0.06^***	0.06^***	−0.06^***	0.05^***	−0.13^***	−0.18^***	0.15^***	1.00

Note(s): ^***, ^**, and ^* denote statistical significance at the 1%, 5%, and 10% levels, respectively

Source(s): Table by authors