Table 3 Correlation matrix [1] [2] [3]...

Table 3

Correlation matrix

		[1]	[2]	[3]	[4]	[5]	[6]	[7]	[8]	[9]
CEO_TURN	[1]	1.000
FF	[2]	−0.049^***	1.000
TRANS	[3]	−0.029^***	0.058^***	1.000
SIZE	[4]	−0.031^***	−0.029^***	−0.479^***	1.000
LEV	[5]	0.037^***	0.074^***	−0.147^***	0.148^***	1.000
ROA	[6]	−0.114^***	−0.013	−0.077^***	0.386^***	−0.087^***	1.000
BM	[7]	−0.017^**	0.027^***	0.121^***	−0.263^***	−0.241^***	−0.150^***	1.000
RET	[8]	0.012	−0.005	−0.016^**	0.106^***	−0.008	0.165^***	−0.228^***	1.000
SGROWTH	[9]	0.002	−0.002	−0.028^***	0.123^***	0.073^***	0.245^***	−0.184^***	0.138^***	1.000
CFO	[10]	−0.062^***	−0.024^***	−0.084^***	0.185^***	0.006	0.396^***	0.048^***	0.040^***	0.019^**
STD_CFO	[11]	0.058^***	−0.054^***	0.069^***	−0.194^***	−0.088^***	−0.049^***	−0.115^***	0.010	0.086^***
FAGE	[12]	−0.015^*	0.239^***	0.016^**	0.130^***	0.074^***	0.019^**	0.105^***	−0.011	−0.056^***
EMPTURN	[13]	0.111^***	−0.005	0.038^***	−0.185^***	0.002	−0.223^***	−0.001	−0.013^*	−0.083^***
BLOCK	[14]	0.008	0.009	0.036^***	−0.080^***	0.012	−0.004	−0.052^***	0.013^*	0.008
BSIZE	[15]	0.028^***	−0.082^***	−0.162^***	0.359^***	0.079^***	0.030^***	−0.056^***	−0.032^***	0.014^*
BIND	[16]	0.004	−0.119^***	0.026^***	−0.096^***	−0.052^***	0.005	−0.066^***	−0.047^***	0.007
CEO_DUAL	[17]	−0.072^***	−0.001	0.066^***	−0.152^***	−0.030^***	−0.030^***	0.059^***	0.001	−0.005
CEO_GENDER	[18]	−0.035^***	−0.027^***	−0.011	−0.008	−0.014^*	0.022^***	0.028^***	−0.007	−0.006
CEO_OWN	[19]	0.009	−0.015^*	0.031^***	−0.031^***	−0.015^*	0.030^***	−0.035^***	0.008	0.004

		[1]	[2]	[3]	[4]	[5]	[6]	[7]	[8]	[9]
CEO_TURN	[1]	1.000
FF	[2]	−0.049^***	1.000
TRANS	[3]	−0.029^***	0.058^***	1.000
SIZE	[4]	−0.031^***	−0.029^***	−0.479^***	1.000
LEV	[5]	0.037^***	0.074^***	−0.147^***	0.148^***	1.000
ROA	[6]	−0.114^***	−0.013	−0.077^***	0.386^***	−0.087^***	1.000
BM	[7]	−0.017^**	0.027^***	0.121^***	−0.263^***	−0.241^***	−0.150^***	1.000
RET	[8]	0.012	−0.005	−0.016^**	0.106^***	−0.008	0.165^***	−0.228^***	1.000
SGROWTH	[9]	0.002	−0.002	−0.028^***	0.123^***	0.073^***	0.245^***	−0.184^***	0.138^***	1.000
CFO	[10]	−0.062^***	−0.024^***	−0.084^***	0.185^***	0.006	0.396^***	0.048^***	0.040^***	0.019^**
STD_CFO	[11]	0.058^***	−0.054^***	0.069^***	−0.194^***	−0.088^***	−0.049^***	−0.115^***	0.010	0.086^***
FAGE	[12]	−0.015^*	0.239^***	0.016^**	0.130^***	0.074^***	0.019^**	0.105^***	−0.011	−0.056^***
EMPTURN	[13]	0.111^***	−0.005	0.038^***	−0.185^***	0.002	−0.223^***	−0.001	−0.013^*	−0.083^***
BLOCK	[14]	0.008	0.009	0.036^***	−0.080^***	0.012	−0.004	−0.052^***	0.013^*	0.008
BSIZE	[15]	0.028^***	−0.082^***	−0.162^***	0.359^***	0.079^***	0.030^***	−0.056^***	−0.032^***	0.014^*
BIND	[16]	0.004	−0.119^***	0.026^***	−0.096^***	−0.052^***	0.005	−0.066^***	−0.047^***	0.007
CEO_DUAL	[17]	−0.072^***	−0.001	0.066^***	−0.152^***	−0.030^***	−0.030^***	0.059^***	0.001	−0.005
CEO_GENDER	[18]	−0.035^***	−0.027^***	−0.011	−0.008	−0.014^*	0.022^***	0.028^***	−0.007	−0.006
CEO_OWN	[19]	0.009	−0.015^*	0.031^***	−0.031^***	−0.015^*	0.030^***	−0.035^***	0.008	0.004

		[10]	[11]	[12]	[13]	[14]	[15]	[16]	[17]	[18]
CEO_TURN	[1]
FF	[2]
TRANS	[3]
SIZE	[4]
LEV	[5]
ROA	[6]
BM	[7]
RET	[8]
SGROWTH	[9]
CFO	[10]	1.000
STD_CFO	[11]	−0.204^***	1.000
FAGE	[12]	0.060^***	−0.239^***	1.000
EMPTURN	[13]	−0.122^***	0.095^***	−0.107^***	1.000
BLOCK	[14]	−0.029^***	0.055^***	−0.047^***	0.027^***	1.000
BSIZE	[15]	0.045^***	−0.159^***	0.089^***	−0.105^***	−0.070^***	1.000
BIND	[16]	−0.028^***	0.075^***	−0.272^***	0.077^***	0.065^***	−0.000	1.000
CEO_DUAL	[17]	−0.036^***	0.059^***	−0.040^***	0.071^***	−0.009	−0.147^***	0.071^***	1.000
CEO_GENDER	[18]	0.022^***	0.014^*	−0.028^***	−0.028^***	−0.033^***	−0.008	−0.024^***	0.045^***	1.000
CEO_OWN	[19]	0.008	0.030^***	−0.044^***	−0.016^**	0.143^***	−0.032^***	0.058^***	−0.085^***	−0.015^*

Note(s): Superscript ***, **, and * represent significance levels at the 1, 5, and 10% levels, respectively. Pearson correlations are presented below the diagonal. Variables are defined in Appendix

Source(s): Authors' own work

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