Table 5 Pairwise correlations Variables...

Table 5

Pairwise correlations

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)
(1) ESG Score	1.000
(2) Board Size	0.081*	1.000
(2) Board Size	(0.000)
(3) Board Independence	0.256*	−0.337*	1.000
(3) Board Independence	(0.000)	(0.000)
(4) Gender Diversity	0.223*	−0.101*	0.371*	1.000
(4) Gender Diversity	(0.000)	(0.000)	(0.000)
(5) Board Transparency	0.066*	−0.292*	0.419*	0.275*	1.000
(5) Board Transparency	(0.000)	(0.000)	(0.000)	(0.000)
(6) CEO Duality	−0.013	0.042*	−0.121*	−0.109*	−0.076*	1.000
(6) CEO Duality	(0.114)	(0.000)	(0.000)	(0.000)	(0.000)
(7) Board Skills Disclosure	0.109*	−0.124*	0.070*	0.040*	0.127*	−0.029*	1.000
(7) Board Skills Disclosure	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.003)
(8) State Ownership	0.001	0.063*	−0.012	−0.059*	0.018	−0.001	−0.149*	1.000
(8) State Ownership	(0.927)	(0.000)	(0.227)	(0.000)	(0.067)	(0.956)	(0.000)
(9) Age	0.260*	0.170*	−0.183*	−0.007	−0.221*	−0.014	0.142*	−0.194*	1.000
(9) Age	(0.000)	(0.000)	(0.000)	(0.378)	(0.000)	(0.084)	(0.000)	(0.000)
(10) Size	0.396*	0.447*	−0.077*	−0.001	−0.192*	0.048*	−0.007	0.223*	0.176*	1.000
(10) Size	(0.000)	(0.000)	(0.000)	(0.865)	(0.000)	(0.000)	(0.474)	(0.000)	(0.000)
(11) Leverage	0.063*	0.157*	0.012	0.013	−0.051*	0.024*	−0.034*	0.079*	−0.027*	0.365*	1.000
(11) Leverage	(0.000)	(0.000)	(0.153)	(0.120)	(0.000)	(0.004)	(0.000)	(0.000)	(0.001)	(0.000)

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)
(1) ESG Score	1.000
(2) Board Size	0.081*	1.000
(2) Board Size	(0.000)
(3) Board Independence	0.256*	−0.337*	1.000
(3) Board Independence	(0.000)	(0.000)
(4) Gender Diversity	0.223*	−0.101*	0.371*	1.000
(4) Gender Diversity	(0.000)	(0.000)	(0.000)
(5) Board Transparency	0.066*	−0.292*	0.419*	0.275*	1.000
(5) Board Transparency	(0.000)	(0.000)	(0.000)	(0.000)
(6) CEO Duality	−0.013	0.042*	−0.121*	−0.109*	−0.076*	1.000
(6) CEO Duality	(0.114)	(0.000)	(0.000)	(0.000)	(0.000)
(7) Board Skills Disclosure	0.109*	−0.124*	0.070*	0.040*	0.127*	−0.029*	1.000
(7) Board Skills Disclosure	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.003)
(8) State Ownership	0.001	0.063*	−0.012	−0.059*	0.018	−0.001	−0.149*	1.000
(8) State Ownership	(0.927)	(0.000)	(0.227)	(0.000)	(0.067)	(0.956)	(0.000)
(9) Age	0.260*	0.170*	−0.183*	−0.007	−0.221*	−0.014	0.142*	−0.194*	1.000
(9) Age	(0.000)	(0.000)	(0.000)	(0.378)	(0.000)	(0.084)	(0.000)	(0.000)
(10) Size	0.396*	0.447*	−0.077*	−0.001	−0.192*	0.048*	−0.007	0.223*	0.176*	1.000
(10) Size	(0.000)	(0.000)	(0.000)	(0.865)	(0.000)	(0.000)	(0.474)	(0.000)	(0.000)
(11) Leverage	0.063*	0.157*	0.012	0.013	−0.051*	0.024*	−0.034*	0.079*	−0.027*	0.365*	1.000
(11) Leverage	(0.000)	(0.000)	(0.153)	(0.120)	(0.000)	(0.004)	(0.000)	(0.000)	(0.001)	(0.000)

Note(s):***p < 0.01, **p < 0.05, *p < 0.1. Values in parentheses are two-tailed p-values

Source(s): Calculated by authors

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