Table 4. Correlation matrix Variables...

Table 4.

Correlation matrix

Variables	Tobin’s Q	ESG	Beta	Leverage	Size
Correlations (before the Covid pandemic)
Tobin’s Q	1
ESG	−0.172**	1
Beta	0.010	0.160**	1
Leverage	−0.229**	0.079**	0.022	1
Size	−0.490**	0.474**	0.182**	0.303**	1
Observations	942
Correlations (during Covid)
Tobin’s Q	1
ESG	−0.190**	1
Beta	−0.107**	0.153**	1
Leverage	−0.040	0.020	0.085**	1
Size	−0.413**	0.659**	0.149**	0.007	1
Observations	942
Correlations (during the Russia–Ukraine War)
Tobin’s Q	1
ESG	−0.176**	1
Beta	0.056*	0.138**	1
Leverage	−0.040	0.001	0.046	1
Size	−0.346**	0.631**	0.056*	0.019	1
Observations	942

Variables	Tobin’s Q	ESG	Beta	Leverage	Size
Correlations (before the Covid pandemic)
Tobin’s Q	1
ESG	−0.172**	1
Beta	0.010	0.160**	1
Leverage	−0.229**	0.079**	0.022	1
Size	−0.490**	0.474**	0.182**	0.303**	1
Observations	942
Correlations (during Covid)
Tobin’s Q	1
ESG	−0.190**	1
Beta	−0.107**	0.153**	1
Leverage	−0.040	0.020	0.085**	1
Size	−0.413**	0.659**	0.149**	0.007	1
Observations	942
Correlations (during the Russia–Ukraine War)
Tobin’s Q	1
ESG	−0.176**	1
Beta	0.056*	0.138**	1
Leverage	−0.040	0.001	0.046	1
Size	−0.346**	0.631**	0.056*	0.019	1
Observations	942

Note(s): ** Correlation is significant at the 0.01 level (two-tailed); * Correlation is significant at the 0.05 level (two-tailed)

Source(s): Authors’ own work