Correlation results
| Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) | (11) | (12) | (13) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (1) roa_w | 1.000 | ||||||||||||
| (2) evt_w | 0.595 (0.000) | 1.000 | |||||||||||
| (3) gd_04_w | 0.103 (0.000) | 0.160 (0.000) | 1.000 | ||||||||||
| (4) gd_05_w | –0.103 (0.000) | –0.160 (0.000) | –1.000 (0.000) | 1.000 | |||||||||
| (5) gd_07 | 0.028 (0.321) | 0.013 (0.639) | 0.372 (0.000) | –0.372 (0.000) | 1.000 | ||||||||
| (6) fi_02 | 0.004 (0.876) | 0.084 (0.003) | 0.777 (0.000) | –0.777 (0.000) | 0.025 (0.381) | 1.000 | |||||||
| (7) bz_02_w | 0.055 (0.054) | 0.154 (0.000) | 0.302 (0.000) | –0.301 (0.000) | 0.097 (0.001) | 0.227 (0.000) | 1.000 | ||||||
| (8) gw_w | 0.260 (0.000) | 0.215 (0.000) | –0.031 (0.273) | 0.031 (0.285) | 0.023 (0.430) | –0.064 (0.025) | 0.013 (0.638) | 1.000 | |||||
| (9) cr_w | 0.031 (0.286) | –0.149 (0.000) | –0.190 (0.000) | 0.190 (0.000) | –0.002 (0.958) | –0.166 (0.000) | –0.269 (0.000) | –0.046 (0.105) | 1.000 | ||||
| (10) de_w | –0.070 (0.014) | 0.085 (0.003) | 0.148 (0.000) | –0.149 (0.000) | 0.012 (0.664) | 0.138 (0.000) | 0.085 (0.003) | –0.039 (0.173) | –0.433 (0.000) | 1.000 | |||
| (11) age_w | 0.055 (0.054) | 0.073 (0.010) | 0.174 (0.000) | –0.173 (0.000) | 0.076 (0.008) | 0.102 (0.000) | 0.335 (0.000) | –0.047 (0.104) | 0.068 (0.018) | 0.058 (0.043) | 1.000 | ||
| (12) pb_w | 0.516 (0.000) | 0.775 (0.000) | 0.176 (0.000) | –0.176 (0.000) | 0.061 (0.034) | 0.090 (0.002) | 0.264 (0.000) | 0.177 (0.000) | –0.182 (0.000) | 0.356 (0.000) | 0.190 (0.000) | 1.000 | |
| (13) size_w | –0.053 (0.062) | –0.001 (0.969) | 0.345 (0.000) | –0.345 (0.000) | 0.052 (0.067) | 0.330 (0.000) | 0.618 (0.000) | –0.008 (0.768) | –0.280 (0.000) | 0.190 (0.000) | 0.335 (0.000) | 0.167 (0.000) | 1.000 |
| Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) | (11) | (12) | (13) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (1) roa_w | 1.000 | ||||||||||||
| (2) evt_w | 0.595 (0.000) | 1.000 | |||||||||||
| (3) gd_04_w | 0.103 (0.000) | 0.160 (0.000) | 1.000 | ||||||||||
| (4) gd_05_w | –0.103 (0.000) | –0.160 (0.000) | –1.000 (0.000) | 1.000 | |||||||||
| (5) gd_07 | 0.028 (0.321) | 0.013 (0.639) | 0.372 (0.000) | –0.372 (0.000) | 1.000 | ||||||||
| (6) fi_02 | 0.004 (0.876) | 0.084 (0.003) | 0.777 (0.000) | –0.777 (0.000) | 0.025 (0.381) | 1.000 | |||||||
| (7) bz_02_w | 0.055 (0.054) | 0.154 (0.000) | 0.302 (0.000) | –0.301 (0.000) | 0.097 (0.001) | 0.227 (0.000) | 1.000 | ||||||
| (8) gw_w | 0.260 (0.000) | 0.215 (0.000) | –0.031 (0.273) | 0.031 (0.285) | 0.023 (0.430) | –0.064 (0.025) | 0.013 (0.638) | 1.000 | |||||
| (9) cr_w | 0.031 (0.286) | –0.149 (0.000) | –0.190 (0.000) | 0.190 (0.000) | –0.002 (0.958) | –0.166 (0.000) | –0.269 (0.000) | –0.046 (0.105) | 1.000 | ||||
| (10) de_w | –0.070 (0.014) | 0.085 (0.003) | 0.148 (0.000) | –0.149 (0.000) | 0.012 (0.664) | 0.138 (0.000) | 0.085 (0.003) | –0.039 (0.173) | –0.433 (0.000) | 1.000 | |||
| (11) age_w | 0.055 (0.054) | 0.073 (0.010) | 0.174 (0.000) | –0.173 (0.000) | 0.076 (0.008) | 0.102 (0.000) | 0.335 (0.000) | –0.047 (0.104) | 0.068 (0.018) | 0.058 (0.043) | 1.000 | ||
| (12) pb_w | 0.516 (0.000) | 0.775 (0.000) | 0.176 (0.000) | –0.176 (0.000) | 0.061 (0.034) | 0.090 (0.002) | 0.264 (0.000) | 0.177 (0.000) | –0.182 (0.000) | 0.356 (0.000) | 0.190 (0.000) | 1.000 | |
| (13) size_w | –0.053 (0.062) | –0.001 (0.969) | 0.345 (0.000) | –0.345 (0.000) | 0.052 (0.067) | 0.330 (0.000) | 0.618 (0.000) | –0.008 (0.768) | –0.280 (0.000) | 0.190 (0.000) | 0.335 (0.000) | 0.167 (0.000) | 1.000 |
Notes:
p-value in parenthesis. ROA = return on assets; EVT = enterprise value; gd_04 = proportion of female directors sitting on the board; gd_05 = proportion of male directors sitting on board; gd_07 = proportion of female executive directors sitting on; fi_02 = percentage of independent non-executive women directors on board; cr = current ratio; gw = growth opportunities; pb = price to book ratio, size is the company size, age is the number of years of the company since its incorporation
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