Table 5.
Correlation coefficients among the explanatory variables
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | ||
|---|---|---|---|---|---|---|---|---|---|---|
| lnmkteq | (1) | 1 | ||||||||
| bmw | (2) | −0.3270* | 1 | |||||||
| Leveragew | (3) | −0.1652* | 0.2878* | 1 | ||||||
| netlevw | (4) | −0.1156* | 0.2385* | 0.9811* | 1 | |||||
| ret1yw | (5) | 0.0989* | −0.2481* | −0.1675* | −0.1414* | 1 | ||||
| rmedinfw | (6) | −0.1552* | 0.1997* | 0.1830* | 0.1780* | −0.1941* | 1 | |||
| avgturdw | (7) | 0.0098 | 0.0061 | 0.0668* | 0.0344* | −0.0311* | 0.0846* | 1 | ||
| cvturdw | (8) | −0.4842* | 0.0494* | 0.0419* | 0.016 | 0.0106 | 0.0251 | −0.0428* | 1 | |
| dispeps1w | (9) | 0.0027 | 0.1422* | 0.2399* | 0.2174* | −0.0940* | 0.2018* | 0.1566* | 0.0071 | 1 |
| rd | (10) | −0.1589* | −0.1453* | −0.0943* | −0.1292* | −0.0369* | −0.1509* | 0.0763* | 0.1969* | 0.0312* |
| ad | (11) | 0.0011 | −0.0599* | −0.0258* | −0.0232 | −0.0077 | −0.0134 | 0.0289* | 0.0183 | −0.0629* |
| capex | (12) | 0.0334* | −0.0104 | 0.0176 | 0.0383* | −0.0223 | 0.0451* | 0.0360* | −0.0355* | 0.1201* |
| investmentw | (13) | −0.1219* | −0.1642* | −0.0872* | −0.1066* | −0.0630* | −0.1159* | 0.1167* | 0.1474* | 0.0713* |
| expgrthw | (14) | −0.1373* | −0.0534* | −0.0782* | −0.0788* | 0.0645* | 0.4761* | 0.0756* | 0.0974* | −0.0636* |
| zscorew | (15) | 0.0751* | −0.1825* | −0.1801* | −0.1709* | 0.1009* | −0.0788* | 0.0728* | −0.0193 | −0.1247* |
| displtg | (16) | −0.0752* | 0.0412* | 0.0124 | −0.0099 | 0.0152 | 0.0942* | 0.2116* | 0.0187 | 0.0671* |
| sdroa5yw | (17) | −0.2828* | −0.1043* | −0.0646* | −0.1039* | −0.0202 | −0.0244 | 0.2176* | 0.2489* | 0.1114* |
| inv_basew | (18) | 0.0807* | −0.0079 | 0.0058 | 0.0191 | 0.0072 | −0.0398* | −0.0874* | −0.0385* | 0.0442* |
| (10) | (11) | (12) | (13) | (14) | (15) | (16) | (17) | (18) | ||
|---|---|---|---|---|---|---|---|---|---|---|
| lnmkteq | (1) | |||||||||
| bmw | (2) | |||||||||
| Leveragew | (3) | |||||||||
| netlevw | (4) | |||||||||
| ret1yw | (5) | |||||||||
| rmedinfw | (6) | |||||||||
| avgturdw | (7) | |||||||||
| cvturdw | (8) | |||||||||
| dispeps1w | (9) | |||||||||
| rd | (10) | 1 | ||||||||
| ad | (11) | −0.0638* | 1 | |||||||
| capex | (12) | −0.0894* | 0.0021 | 1 | ||||||
| investmentw | (13) | 0.6811* | 0.3063* | 0.3870* | 1 | |||||
| expgrthw | (14) | 0.0003 | −0.008 | 0.0473* | 0.0317* | 1 | ||||
| zscorew | (15) | −0.0992* | 0.0530* | −0.0801* | −0.0439* | 0.1329* | 1 | |||
| displtg | (16) | 0.1132* | −0.0520* | 0.0637* | 0.0912* | 0.3545* | 0.015 | 1 | ||
| sdroa5yw | (17) | 0.4413* | 0.0233 | 0.0329* | 0.4313* | 0.1105* | 0.0526* | 0.2084* | 1 | |
| inv_basew | (18) | −0.0616* | 0.0379* | 0.0319* | −0.0219 | −0.0704* | 0.0105 | −0.0713* | −0.0898* | 1 |
This table presents the correlation coefficients among the explanatory variables for all firms (except financial and utility firms) covered by KLD between 1991 and 2012. All variables are defined in Table 1. * Statistical significance at the 1 % level (p < 0.01)