Table 3.
Correlation analysis.
| Variable | tfp | Dig | GI | CSR | JSTICKY | Size | Lev | Age | Shrcr1 | Board | Independent | Roa |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| tfp | 1 | |||||||||||
| Dig | 0.166*** | 1 | ||||||||||
| GI | 0.209*** | 0.038** | 1 | |||||||||
| CSR | 0.226*** | 0.060*** | 0.038** | 1 | ||||||||
| JSTICKY | − 0.095*** | − 0.094*** | − 0.066*** | − 0.048** | 1 | |||||||
| Size | 0.849*** | 0.074*** | 0.128*** | 0.105*** | 0.019 | 1 | ||||||
| Lev | 0.344*** | − 0.054*** | 0.067*** | − 0.177*** | 0.024 | 0.465*** | 1 | |||||
| Age | 0.092*** | − 0.022 | − 0.012 | − 0.092*** | 0.024 | 0.170*** | 0.120*** | 1 | ||||
| Shrcr1 | 0.241*** | 0.032* | 0.022 | 0.143*** | − 0.045** | 0.208*** | 0.032* | − 0.065*** | 1 | |||
| Board | 0.189*** | − 0.097*** | 0.077*** | 0.108*** | 0.059*** | 0.254*** | 0.181*** | 0.085*** | − 0.020 | 1 | ||
| Independent | − 0.013 | 0.106*** | − 0.031 | − 0.023 | − 0.002 | − 0.016 | − 0.056*** | − 0.017 | 0.068*** | − 0.525*** | 1 | |
| Roa | 0.168*** | 0.063*** | 0.023 | 0.473*** | − 0.074*** | − 0.071*** | − 0.425*** | − 0.037* | 0.068*** | − 0.042** | 0.028 | 1 |
T-statistics are shown in parentheses. ***, ** and * indicate 1%, 5% and 10% respectively.