TABLE 3.

Correlation matrix.

	CSSR	ROA	ROI	EPS	LEV	CCEO	AGE	LNTA	LNEMP	Dual	SOE
CSSR	1.000
ROA	0.0059	1.000
ROI	0.0021	−0.0048	1.000
EPS	0.0079	0.3725	0.0326	1.000
LEV	0.0134	−0.3012	−0.0209	−0.1959	1.000
CCEO	0.039	0.0632	0.0859	−0.0212	0.032	1.000
AGE	0.0131	0.0569	0.0042	−0.0235	0.0549	0.5472	1.000
LNTA	−0.0352	0.0108	−0.0074	0.2364	−0.0200	−0.0420	−0.024	1.000
FSZ	−0.0662	0.0052	−0.0030	0.1590	−0.0722	−0.0272	−0.028	0.4831	1.000
Dual	0.0404	−0.0099	−0.0293	−0.0501	0.0339	−0.0067	0.009	−0.0697	−0.0619	1.000
SOE	0.0676	−0.0133	−0.0093	0.0075	0.0082	0.0120	0.001	0.0751	0.0964	−0.0456	1
Fage	0.1948	0.0326	0.0282	0.0368	0.9020	0.0273	0.005	−0.0391	−0.1303	−0.0523	0.071

Table 3 signifies that all variables are less correlated except “AGE (CEO age)” (“0.5472”), which is also acceptable for empirical analysis.