Table 3 Correlation analysis Corr. 1 2 3...

Table 3

Correlation analysis

Corr.	1	2	3	4	5	6	7	8	9
(1) ESG	1
(2) FOWN	0.003	1
(3) BLOWN	−0.102	0.146**	1
(4) GOWN	0.325***	−0.292***	0.170**	1
(5) INSOWN	−0.261***	0.370***	0.155**	−0.453***	1
(6) SIZE	0.400***	−0.168**	0.01	0.416***	−0.487**	1
(7) AGE	0.329***	−0.121*	0.133*	0.358***	−0.181***	0.221***	1
(8) ROA	0.017	0.094	0.163**	−0.301***	0.361***	−0.230**	0.083	1
(9) LEV	−0.346***	0.265***	0.172**	0.151**	−0.057	−0.267***	−0.117*	−0.400***	1
VIF		1.437	1.763	6.847	6.629	2.039	1.397	2.951	1.732

Corr.	1	2	3	4	5	6	7	8	9
(1) ESG	1
(2) FOWN	0.003	1
(3) BLOWN	−0.102	0.146**	1
(4) GOWN	0.325***	−0.292***	0.170**	1
(5) INSOWN	−0.261***	0.370***	0.155**	−0.453***	1
(6) SIZE	0.400***	−0.168**	0.01	0.416***	−0.487**	1
(7) AGE	0.329***	−0.121*	0.133*	0.358***	−0.181***	0.221***	1
(8) ROA	0.017	0.094	0.163**	−0.301***	0.361***	−0.230**	0.083	1
(9) LEV	−0.346***	0.265***	0.172**	0.151**	−0.057	−0.267***	−0.117*	−0.400***	1
VIF		1.437	1.763	6.847	6.629	2.039	1.397	2.951	1.732

Note(s): Significance levels: *p < 0.10, **p < 0.05, ***p < 0.01

Variable definitions: ESG: ESG Score; FOWN: Foreign Ownership; BLOWN: Blockholder Ownership; GOWN: Government Ownership; INSOWN: Institutional Ownership; FZ: Firm Size; AGE: Firm Age; ROA: Return on Assets; LEV: Leverage

Source(s): Created by authors

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