Table 4.
Pearson correlation matrix for the relationship between board characteristics, information asymmetry and disclosure.
| QBAS | AF | BoDS | BINED | BFE | BBusy | CEOD | BDG | FSIZE | FAGE | FLV | R&D | FATR | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| QBAS | 1.0000 | ||||||||||||
| AF | −0.3682* | 1.0000 | |||||||||||
| BoDS | −0.3378* | 0.2768* | 1.0000 | ||||||||||
| BINED | −0.1838* | 0.2210* | 0.2312* | 1.0000 | |||||||||
| BFE | −0.0588* | 0.1051* | 0.1327* | 0.3086* | 1.0000 | ||||||||
| BBusy | −0.0736* | 0.0972* | 0.2233* | 0.4556* | 0.7069* | 1.0000 | |||||||
| CEOD | 0.0613* | −0.0328* | 0.0159 | 0.0614* | 0.0638* | 0.0739* | 1.0000 | ||||||
| BDG | −0.0330* | 0.0620* | 0.1472* | −0.0131 | −0.0529* | −0.0385* | −0.0498* | 1.0000 | |||||
| FSIZE | −0.2591* | 0.3637* | 0.2297* | 0.1608* | 0.0553* | 0.0622* | −0.0348* | 0.1423* | 1.0000 | ||||
| FAGE | 0.0547* | 0.0031 | −0.0178 | −0.0157 | −0.0761* | −0.0726* | −0.0536* | 0.0432* | 0.0203 | 1.0000 | |||
| FLV | 0.0651* | 0.0079 | −0.0430* | 0.0186 | 0.0276* | 0.0011 | 0.0139 | 0.0074 | −0.0131 | 0.0106 | 1.0000 | ||
| R&D | −0.0171 | 0.0040 | 0.0418* | −0.0007 | 0.0282* | 0.0383* | −0.0432* | −0.0331* | −0.0091 | 0.0078 | −0.0124 | 1.0000 | |
| FATR | −0.1189* | 0.1489* | 0.0923* | 0.1395* | 0.1185* | 0.1226* | 0.0368* | −0.0336* | 0.0344* | −0.0658* | −0.0208 | −0.0550* | 1.0000 |
Note: BAS is bid–ask spread, AF is analyst following, BoDS is board size, BINED is board independence, BFE is board financial expertise, BBusy is board busyness, CEOD is CEO duality, BDG is board diversity gender, FSIZE is firm size, FAGE is firm age, FLV is financial leverage, R&D is Research and development expenditure, and FATR is assets tangibility.
Note: *means significance level at 5%.