TABLE 2.

Correlation matrix.

Variables	CSRD	EPS	ROA	LNTA	LNEMP	SOE	Agency cost	INDDIR	Leverage	ROE
CSRD	1.000
EPS	–0.0055	1.000
ROA	–0.0027	0.2181	1.000
LNTA	–0.0292	0.1497	–0.0187	1.000
LNEMP	0.0561	0.0727	0.0005	0.3594	1.000
SOE	–0.1079	0.0014	–0.0208	0.1646	0.1104	1.000
Agency cost	0.0157	0.0080	0.0110	–0.0452	–0.0603	–0.0449	1.000
INDDIR	0.0094	0.0129	–0.0218	0.2898	0.3551	0.1075	–0.0407	1.000
Leverage	–0.0571	–0.1064	–0.3566	0.1757	0.0539	0.1023	–0.0446	0.0719	1.000
ROE	0.0162	–0.0103	0.0142	–0.0214	–0.0239	0.0038	0.0253	–0.0304	–0.0034	1.000