Table 4. Correlation matrix Correlations... | Emerald Publishing

Table 4.

Correlation matrix

Correlations
Variables	EVA	Tobin’s Q	ESG	Beta	Firm leverage	Firm’s size	Three Institutional Qualities (IQ)	Political stability	Rule of Law	Control of corruption	Economic growth	GDP per capita	Inflation
EVA	1
Tobin’s Q	0.112**	1
ESG	−0.077**	−0.070**	1
Beta	−0.185**	−0.088**	0.105**	1
Firm leverage	−0.029*	−0.026	0.007	0.050**	1
Firm’s size	−0.319**	−0.290**	0.478**	0.151**	0.012	1
3 Institutional Qualities (IQ)	0.070**	0.092**	0.098**	−0.004	−0.005	−0.150**	1
Political stability	0.057**	0.058**	0.074**	0.021	0.008	−0.060**	0.838**	1
Rule of Law	0.066**	0.096**	0.062**	−0.014	−0.011	−0.190**	0.933**	0.634**	1
Control of corruption	0.069**	0.098**	0.088**	−0.012	−0.013	−0.185**	0.947**	0.626**	0.970**	1
Economic growth	0.012	0.029*	−0.143**	−0.122**	−0.005	−0.018	0.102**	0.167**	0.105**	0.036*	1
GDP per capita	0.042**	0.089**	0.047**	0.002	0.015	−0.071**	0.743**	0.786**	0.598**	0.613**	0.163**	1
Inflation	−0.017	−0.029*	−0.110**	−0.034*	0.009	−0.010	−0.495**	−0.461**	−0.445**	−0.442**	−0.014	−0.323**	1

Correlations
Variables	EVA	Tobin’s Q	ESG	Beta	Firmleverage	Firm’ssize	ThreeInstitutionalQualities (IQ)	Politicalstability	Rule ofLaw	Control ofcorruption	Economicgrowth	GDP percapita	Inflation
EVA	1
Tobin’s Q	0.112**	1
ESG	−0.077**	−0.070**	1
Beta	−0.185**	−0.088**	0.105**	1
Firm leverage	−0.029*	−0.026	0.007	0.050**	1
Firm’s size	−0.319**	−0.290**	0.478**	0.151**	0.012	1
3 Institutional Qualities (IQ)	0.070**	0.092**	0.098**	−0.004	−0.005	−0.150**	1
Political stability	0.057**	0.058**	0.074**	0.021	0.008	−0.060**	0.838**	1
Rule of Law	0.066**	0.096**	0.062**	−0.014	−0.011	−0.190**	0.933**	0.634**	1
Control of corruption	0.069**	0.098**	0.088**	−0.012	−0.013	−0.185**	0.947**	0.626**	0.970**	1
Economic growth	0.012	0.029*	−0.143**	−0.122**	−0.005	−0.018	0.102**	0.167**	0.105**	0.036*	1
GDP per capita	0.042**	0.089**	0.047**	0.002	0.015	−0.071**	0.743**	0.786**	0.598**	0.613**	0.163**	1
Inflation	−0.017	−0.029*	−0.110**	−0.034*	0.009	−0.010	−0.495**	−0.461**	−0.445**	−0.442**	−0.014	−0.323**	1

Notes:

**Correlation is significant at 0.01 level (two-tailed); *Correlation is significant at 0.05 level (two-tailed)

Source: Authors’ own creation