Table 5 Correlation table [1] [2] [3]...

Table 5

Correlation table

	[1]	[2]	[3]	[4]	[5]	[6]	[7]	[8]	[9]	[10]	[11]
Panel A. Correlations among HCM_Disclosure and its components
HCM_Disclosure [1]	1
HCM_Turnover Retention [2]	0.41^a	1
HCM_Safety and Health [3]	0.30^a	−0.00	1
HCM_Succession Planning [4]	0.59^a	0.18^a	0.03^a	1
HCM_Recruiting [5]	0.55^a	0.15^a	0.06^a	0.30^a	1
HCM_Pay Equity [6]	0.18^a	0.05^a	0.04^a	0.04^a	0.01^c	1
HCM_Employment Engagement [7]	0.51^a	0.09^a	0.19^a	0.12^a	0.13^a	0.09^a	1
HCM_Employee Development [8]	0.58^a	0.11^a	0.11^a	0.21^a	0.23^a	0.04^a	0.18^a	1
HCM_Diversity [9]	0.20^a	0.04^a	0.10^a	0.02^a	0.02^a	0.07^a	0.06^a	0.04^a	1
HCM_Culture [10]	0.75^a	0.19^a	0.19^a	0.34^a	0.24^a	0.10^a	0.33^a	0.36^a	0.12^a	1
HCM_Compensation [11]	0.34^a	0.17^a	−0.00	0.12^a	0.12^a	0.05^a	0.07^a	0.06^a	0.07^a	0.17^a	1
Panel B. Correlations among HCM_Disclosure and firm characteristics
HCM_Disclosure [1]	1										1
Tobin’s Q [2]	0.09^a	1									0.09^a
ROA [3]	0.13^a	0.15^a	1								0.13^a
Cash/assets [4]	0.12^a	0.24^a	0.24^a	1							0.12^a
R&D/assets [5]	0.23^a	0.09^a	0.04^a	0.07^a	1						0.23^a
Sales growth [6]	−0.01^c	0.10^a	0.23^a	0.02^a	−0.01^b	1					−0.01^c
Log(employee/total assets) [7]	0.12^a	0.20^a	0.06^a	0.09^a	0.12^a	−0.04^a	1				0.12^a
Tangibility [8]	−0.04^a	−0.12^a	−0.06^a	−0.32^a	−0.13^a	−0.05^a	0.22^a	1			−0.04^a
Leverage [9]	−0.24^a	−0.30^a	−0.39^a	−0.39^a	−0.15^a	0.01^b	−0.25^a	0.06^a	1		−0.24^a
MTB [10]	0.01^b	0.79^a	−0.00	0.10^a	0.04^a	0.10^a	0.16^a	−0.09^a	0.03^a	1	0.01^b
Log(assets) [11]	−0.15^a	−0.46^a	0.04^a	−0.23^a	−0.09^a	0.04^a	−0.47^a	0.04^a	0.48^a	−0.37^a	−0.15^a
Panel C. Correlations among HCM_Disclosure and other control variables
HCM_Disclosure [1]	1
Local SOE [2]	−0.17^a	1
Central SOE [3]	−0.01^a	−0.09^a	1
Foreign capital entity [4]	0.01	−0.16^a	−0.03^a	1
Private entity [5]	0.16^a	−0.85^a	−0.18^a	−0.31^a	1
Industry competition [6]	−0.15^a	0.10^a	0.04^a	−0.02^a	−0.10^a	1
Provincial GDP per capita [7]	0.13^a	−0.10^a	−0.00	0.05^a	0.07^a	−0.13^a	1

	[1]	[2]	[3]	[4]	[5]	[6]	[7]	[8]	[9]	[10]	[11]
Panel A. Correlations among HCM_Disclosure and its components
HCM_Disclosure [1]	1
HCM_Turnover Retention [2]	0.41^a	1
HCM_Safety and Health [3]	0.30^a	−0.00	1
HCM_Succession Planning [4]	0.59^a	0.18^a	0.03^a	1
HCM_Recruiting [5]	0.55^a	0.15^a	0.06^a	0.30^a	1
HCM_Pay Equity [6]	0.18^a	0.05^a	0.04^a	0.04^a	0.01^c	1
HCM_Employment Engagement [7]	0.51^a	0.09^a	0.19^a	0.12^a	0.13^a	0.09^a	1
HCM_Employee Development [8]	0.58^a	0.11^a	0.11^a	0.21^a	0.23^a	0.04^a	0.18^a	1
HCM_Diversity [9]	0.20^a	0.04^a	0.10^a	0.02^a	0.02^a	0.07^a	0.06^a	0.04^a	1
HCM_Culture [10]	0.75^a	0.19^a	0.19^a	0.34^a	0.24^a	0.10^a	0.33^a	0.36^a	0.12^a	1
HCM_Compensation [11]	0.34^a	0.17^a	−0.00	0.12^a	0.12^a	0.05^a	0.07^a	0.06^a	0.07^a	0.17^a	1
Panel B. Correlations among HCM_Disclosure and firm characteristics
HCM_Disclosure [1]	1										1
Tobin’s Q [2]	0.09^a	1									0.09^a
ROA [3]	0.13^a	0.15^a	1								0.13^a
Cash/assets [4]	0.12^a	0.24^a	0.24^a	1							0.12^a
R&D/assets [5]	0.23^a	0.09^a	0.04^a	0.07^a	1						0.23^a
Sales growth [6]	−0.01^c	0.10^a	0.23^a	0.02^a	−0.01^b	1					−0.01^c
Log(employee/total assets) [7]	0.12^a	0.20^a	0.06^a	0.09^a	0.12^a	−0.04^a	1				0.12^a
Tangibility [8]	−0.04^a	−0.12^a	−0.06^a	−0.32^a	−0.13^a	−0.05^a	0.22^a	1			−0.04^a
Leverage [9]	−0.24^a	−0.30^a	−0.39^a	−0.39^a	−0.15^a	0.01^b	−0.25^a	0.06^a	1		−0.24^a
MTB [10]	0.01^b	0.79^a	−0.00	0.10^a	0.04^a	0.10^a	0.16^a	−0.09^a	0.03^a	1	0.01^b
Log(assets) [11]	−0.15^a	−0.46^a	0.04^a	−0.23^a	−0.09^a	0.04^a	−0.47^a	0.04^a	0.48^a	−0.37^a	−0.15^a
Panel C. Correlations among HCM_Disclosure and other control variables
HCM_Disclosure [1]	1
Local SOE [2]	−0.17^a	1
Central SOE [3]	−0.01^a	−0.09^a	1
Foreign capital entity [4]	0.01	−0.16^a	−0.03^a	1
Private entity [5]	0.16^a	−0.85^a	−0.18^a	−0.31^a	1
Industry competition [6]	−0.15^a	0.10^a	0.04^a	−0.02^a	−0.10^a	1
Provincial GDP per capita [7]	0.13^a	−0.10^a	−0.00	0.05^a	0.07^a	−0.13^a	1

Note(s): This table presents the correlations among HCM-related variables and control variables. ^a indicates insignificant at the 1% level; ^b and ^c indicate significant at the 5 and 10% level, respectively

Source(s): The authors

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