Table 3.

Correlation Matrix (the numbers 1–15 in top row represent the number mentioned for each variable)

Variables	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15
1. Number of species	1.000
2. Buying assurance	0.029	0.029
3. Environment score	0.086**	0.086**	0.086**
4. Green	− 0.017	− 0.017	− 0.017	− 0.017
5. Environment award	− 0.012	− 0.012	− 0.012	− 0.012	− 0.012
6. Presence of partnership	0.161***	0.161***	0.161***	0.161***	0.161***	0.161***
7. Big 4	− 0.004	− 0.004	− 0.004	− 0.004	− 0.004	− 0.004	− 0.004
8. Firm size	0.011	0.011	0.011	0.011	0.011	0.011	0.011	0.011
9. Log (revenue)	− 0.005	− 0.005	− 0.005	− 0.005	− 0.005	− 0.005	− 0.005	− 0.005	− 0.005
10. Leverage	− 0.004	− 0.004	− 0.004	− 0.004	− 0.004	− 0.004	− 0.004	− 0.004	− 0.004	− 0.004
11. Governance	− 0.024	− 0.024	− 0.024	− 0.024	− 0.024	− 0.024	− 0.024	− 0.024	− 0.024	− 0.024	− 0.024
12. CO2 emission	− 0.013	− 0.013	− 0.013	− 0.013	− 0.013	− 0.013	− 0.013	− 0.013	− 0.013	− 0.013	− 0.013	− 0.013
13. Log (forest area)	0.026	0.026	0.026	0.026	0.026	0.026	0.026	0.026	0.026	0.026	0.026	0.026	0.026
14. GDP growth	− 0.067*	− 0.067*	− 0.067*	− 0.067*	− 0.067*	− 0.067*	− 0.067*	− 0.067*	− 0.067*	− 0.067*	− 0.067*	− 0.067*	− 0.067*	− 0.067*
15. Inflation	0.068*	0.068*	0.068*	0.068*	0.068*	0.068*	0.068*	0.068*	0.068*	0.068*	0.068*	0.068*	0.068*	0.068*	0.068*

The variables are defined in the variable description table

***p < 0.01, **p < 0.05, *p < 0.1