Table 3.
Correlation analysis
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. Firm size | 1 | ||||||||||||||
| 2. Listing | 0.14** | 1 | |||||||||||||
| 3. Firm age | −0.16** | 0.06 | 1 | ||||||||||||
| 4. CEO tenure | 0.08 | 0.02 | 0.17** | 1 | |||||||||||
| 5. Country (ITA = 1, NOR = 0) | 0.22** | 0.07 | −0.08 | 0.44** | 1 | ||||||||||
| 6. CEO duality | 0.03 | 0.05 | 0.02 | 0.42** | 0.34** | 1 | |||||||||
| 7. Board size | 0.12* | 0.25** | 0.11* | 0.08 | 0.16** | 0.13** | 1 | ||||||||
| 8. Non-executives ratio | −0.06 | 0.16** | 0.10* | −0.32** | −0.60** | −0.27** | 0.24** | 1 | |||||||
| 9. Director ownership | −0.06 | −0.10 | 0.05 | 0.29** | 0.27** | 0.14** | −0.21** | −0.37** | 1 | ||||||
| 10. Effort norms | −0.02 | 0.13** | 0.05 | 0.00 | −0.09 | −0.05 | −0.13** | 0.07 | 0.03 | 1 | |||||
| 11. Cognitive conflicts | −0.03 | −0.06 | −0.04 | −0.15** | −0.21** | −0.15* | 0.00 | 0.12** | 0.06 | 0.20** | 1 | ||||
| 12. Use of knowledge and skills | −0.02 | 0.07 | 0.05 | 0.08 | 0.16** | 0.13** | 0.01 | −0.17** | 0.15** | 0.19** | −0.23** | 1 | |||
| 13. Advisory tasks | 0.01 | 0.11* | 0.01 | 0.03 | −0.04 | 0.05 | −0.13** | −0.06 | 0.12* | 0.40** | 0.01 | 0.34** | |||
| 14. Control tasks | −0.04 | 0.13** | 0.16** | −0.12* | −0.42** | −0.15** | −0.03 | 0.23** | −0.12* | 0.36** | 0.01 | 0.26** | 0.52** | 1 | |
| 15. Roa (t + 1) | 0.01 | 0.03 | 0.02 | 0.08 | 0.06 | 0.05 | −0.01 | −0.06 | 0.06 | 0.07 | −0.09 | 0.19** | 0.22** | 0.18** | 1 |
| Mean | 11.80 | 0.20 | 3.59 | 11.76 | 0.49 | 0.19 | 6.62 | 0.67 | 27.26 | 3.07 | 1.90 | 3.88 | 3.15 | 3.75 | 6.06 |
| SD | 2.20 | 0.40 | 0.92 | 11.36 | 0.50 | 0.36 | 3.00 | 0.34 | 37.18 | 0.81 | 0.77 | 0.68 | 0.84 | 0.85 | 8.81 |
Pearson's product-moment correlation coefficients. 2-tailed: *< 0.05; **< 0.01, N = 414.