Table 1 Descriptive statistics and... | Emerald Publishing

Table 1

Descriptive statistics and correlation matrix

	Variables	Mean	SD	1	2	3	4	5	6	7
1	ESG score	0.594	0.171	1
2	Succession	0.249	0.432	0.174^***	1
3	Female CEO	0.030	0.170	−0.00890	0.0582^*	1
4	CEO career horizon	14.830	7.019	−0.117^***	0.289^***	0.0779^**	1
5	Firm size	8.653	1.667	0.496^***	0.0892^***	−0.0360	−0.109^***	1
6	Debt	0.195	0.137	0.170^***	0.0433	0.00800	0.0319	0.0282	1
7	Cash holdings	0.093	0.070	−0.0925^***	0.00196	0.0409	−0.0745^**	−0.191^***	−0.195^***	1
8	Capex	0.065	0.072	−0.0349	0.0150	−0.0101	0.0128	−0.0568^*	0.212^***	−0.116^***
9	R&D	0.027	0.058	−0.00379	−0.0339	−0.0400	−0.0202	−0.145^***	−0.0981^***	0.241^***
10	ROE	0.127	0.188	0.0501^*	−0.0338	0.0533^*	0.142^***	0.0923^***	−0.0585^*	−0.00210
11	Firm age	63.717	52.110	0.151^***	0.0138	0.0797^***	−0.0160	0.125^***	−0.0303	−0.00805
12	Board size	11.177	4.149	0.377^***	0.0151	−0.0913^***	−0.135^***	0.345^***	0.176^***	−0.0501^*
13	CEO education level	0.359	0.480	0.0912^***	0.0416	0.0623^*	0.0571^*	0.0691^**	−0.0515^*	0.0409
14	CEO tenure	7.784	6.183	0.0465	−0.0625^**	−0.0341	−0.257^***	0.137^***	−0.0217	−0.0425
15	Board age	57.669	3.715	0.170^***	−0.0689^**	0.00630	−0.438^***	0.107^***	−0.00526	0.111^***

	Variables	Mean	SD	1	2	3	4	5	6	7
1	ESG score	0.594	0.171	1
2	Succession	0.249	0.432	0.174^***	1
3	Female CEO	0.030	0.170	−0.00890	0.0582^*	1
4	CEO career horizon	14.830	7.019	−0.117^***	0.289^***	0.0779^**	1
5	Firm size	8.653	1.667	0.496^***	0.0892^***	−0.0360	−0.109^***	1
6	Debt	0.195	0.137	0.170^***	0.0433	0.00800	0.0319	0.0282	1
7	Cash holdings	0.093	0.070	−0.0925^***	0.00196	0.0409	−0.0745^**	−0.191^***	−0.195^***	1
8	Capex	0.065	0.072	−0.0349	0.0150	−0.0101	0.0128	−0.0568^*	0.212^***	−0.116^***
9	R&D	0.027	0.058	−0.00379	−0.0339	−0.0400	−0.0202	−0.145^***	−0.0981^***	0.241^***
10	ROE	0.127	0.188	0.0501^*	−0.0338	0.0533^*	0.142^***	0.0923^***	−0.0585^*	−0.00210
11	Firm age	63.717	52.110	0.151^***	0.0138	0.0797^***	−0.0160	0.125^***	−0.0303	−0.00805
12	Board size	11.177	4.149	0.377^***	0.0151	−0.0913^***	−0.135^***	0.345^***	0.176^***	−0.0501^*
13	CEO education level	0.359	0.480	0.0912^***	0.0416	0.0623^*	0.0571^*	0.0691^**	−0.0515^*	0.0409
14	CEO tenure	7.784	6.183	0.0465	−0.0625^**	−0.0341	−0.257^***	0.137^***	−0.0217	−0.0425
15	Board age	57.669	3.715	0.170^***	−0.0689^**	0.00630	−0.438^***	0.107^***	−0.00526	0.111^***

	Variables	8	9	10	11	12	13	14	15
1	ESG score
2	Succession
3	Female CEO
4	CEO career horizon
5	Firm size
6	Debt
7	Cash holdings
8	Capex	1
9	R&D	−0.148***	1
10	ROE	−0.136***	−0.0479*	1
11	Firm age	−0.199***	−0.0558*	0.0664**	1
12	Board size	0.0594*	−0.0589*	−0.0650**	0.0571*	1
13	CEO education level	0.0249	0.113***	0.0158	0.121***	0.0920***	1
14	CEO tenure	−0.00575	−0.0558*	−0.0247	0.0469	0.156***	−0.0569*	1
15	Board age	−0.0689**	0.101***	−0.0464	0.112***	0.00246	0.0741**	−0.0477*	1

	Variables	8	9	10	11	12	13	14	15
1	ESG score
2	Succession
3	Female CEO
4	CEO career horizon
5	Firm size
6	Debt
7	Cash holdings
8	Capex	1
9	R&D	−0.148***	1
10	ROE	−0.136***	−0.0479*	1
11	Firm age	−0.199***	−0.0558*	0.0664**	1
12	Board size	0.0594*	−0.0589*	−0.0650**	0.0571*	1
13	CEO education level	0.0249	0.113***	0.0158	0.121***	0.0920***	1
14	CEO tenure	−0.00575	−0.0558*	−0.0247	0.0469	0.156***	−0.0569*	1
15	Board age	−0.0689**	0.101***	−0.0464	0.112***	0.00246	0.0741**	−0.0477*	1

Note(s): ^*p < 0.05, ^**p < 0.01 and ^***p < 0.001

Source(s): Created by the authors