Table 5 Correlations matrix Variable...

Table 5

Correlations matrix

Variable	CEO. TUR	SIZE	MV	BOARD	FLOAT	ROA	JUD. IND	STREN. REP	MIN. PROT	ANG
CEO. TUR	1	0.004	0.006	0.049***	0.005	−0.033**	−0.043***	−0.035**	−0.036***	−0.069***
CEO. TUR		0.761	0.663	0.000	0.721	0.018	0.002	0.011	0.010	0.000
SIZE	0.004	1	0.706***	0.440***	0.021	0.023*	−0.036***	−0.030**	−0.056***	−0.103***
SIZE	0.761		0.000	0.000	0.133	0.092	0.009	0.032	0.000	0.000
MV	0.006	0.706***	1	0.420***	0.090***	0.093***	0.016	0.026*	−0.027*	−0.054***
MV	0.663	0.000		0.000	0.000	0.000	0.246	0.064	0.053	0.000
BOARD	0.049***	0.440***	0.420***	1	−0.027**	0.078***	−0.133***	−0.143***	−0.152***	−0.272***
BOARD	0.000	0.000	0.000		0.049	0.000	0.000	0.000	0.000	0.000
FLOAT	0.005	0.021	0.090***	−0.027**	1	−0.041***	0.186***	0.151***	0.034**	0.189***
FLOAT	0.721	0.133	0.000	0.049		0.003	0.000	0.000	0.016	0.000
ROA	−0.033**	0.023*	0.093***	0.078***	−0.041***	1	0.003	−0.016	−0.022	0.044***
ROA	0.018	0.092	0.000	0.000	0.003		0.843	0.240	0.110	0.002
JUD.IND	−0.043***	−0.036***	0.016	−0.133***	0.186***	0.003	1	0.848***	0.075***	0.525***
JUD.IND	0.002	0.009	0.246	0.000	0.000	0.843		0.000	0.000	0.000
STREN. REP	−0.035**	−0.030**	0.026*	−0.143***	0.151***	−0.016	0.848***	1	0.048***	0.437***
STREN. REP	0.011	0.032	0.064	0.000	0.000	0.240	0.000		0.001	0.000
MIN. PROT	−0.036***	−0.056***	−0.027*	−0.152***	0.034**	−0.022	0.075***	0.048***	1	0.621***
MIN. PROT	0.010	0.000	0.053	0.000	0.016	0.110	0.000	0.001		0.000
ANG	−0.069***	−0.103***	−0.054***	−0.272***	0.189***	0.044***	0.525***	0.437***	0.621***	1
ANG	0.000	0.000	0.000	0.000	0.000	0.002	0.000	0.000	0.000

Variable	CEO. TUR	SIZE	MV	BOARD	FLOAT	ROA	JUD. IND	STREN. REP	MIN. PROT	ANG
CEO. TUR	1	0.004	0.006	0.049***	0.005	−0.033**	−0.043***	−0.035**	−0.036***	−0.069***
CEO. TUR		0.761	0.663	0.000	0.721	0.018	0.002	0.011	0.010	0.000
SIZE	0.004	1	0.706***	0.440***	0.021	0.023*	−0.036***	−0.030**	−0.056***	−0.103***
SIZE	0.761		0.000	0.000	0.133	0.092	0.009	0.032	0.000	0.000
MV	0.006	0.706***	1	0.420***	0.090***	0.093***	0.016	0.026*	−0.027*	−0.054***
MV	0.663	0.000		0.000	0.000	0.000	0.246	0.064	0.053	0.000
BOARD	0.049***	0.440***	0.420***	1	−0.027**	0.078***	−0.133***	−0.143***	−0.152***	−0.272***
BOARD	0.000	0.000	0.000		0.049	0.000	0.000	0.000	0.000	0.000
FLOAT	0.005	0.021	0.090***	−0.027**	1	−0.041***	0.186***	0.151***	0.034**	0.189***
FLOAT	0.721	0.133	0.000	0.049		0.003	0.000	0.000	0.016	0.000
ROA	−0.033**	0.023*	0.093***	0.078***	−0.041***	1	0.003	−0.016	−0.022	0.044***
ROA	0.018	0.092	0.000	0.000	0.003		0.843	0.240	0.110	0.002
JUD.IND	−0.043***	−0.036***	0.016	−0.133***	0.186***	0.003	1	0.848***	0.075***	0.525***
JUD.IND	0.002	0.009	0.246	0.000	0.000	0.843		0.000	0.000	0.000
STREN. REP	−0.035**	−0.030**	0.026*	−0.143***	0.151***	−0.016	0.848***	1	0.048***	0.437***
STREN. REP	0.011	0.032	0.064	0.000	0.000	0.240	0.000		0.001	0.000
MIN. PROT	−0.036***	−0.056***	−0.027*	−0.152***	0.034**	−0.022	0.075***	0.048***	1	0.621***
MIN. PROT	0.010	0.000	0.053	0.000	0.016	0.110	0.000	0.001		0.000
ANG	−0.069***	−0.103***	−0.054***	−0.272***	0.189***	0.044***	0.525***	0.437***	0.621***	1
ANG	0.000	0.000	0.000	0.000	0.000	0.002	0.000	0.000	0.000

Notes:

Each box shows: Spearman Correlation and Sig. (two-tailed).

No. observations: 5,175

***significant at the 0.01 level; **significant at the 0.05 level; *significant at the 0.1 level

Source: Authors’ own work

Sharing Unavailable