Table 3.

Correlation analysis results all variables.

	REG	ROA	ROE	ATO	COVID-19	LIQ	Eff	LEV	STO	SIZE	CC	CSR
REG	1
ROA	0.186***	1
ROE	0.151***	0.959***	1
ATO	0.314***	0.130***	0.121***	1
COVID-19	−0.380***	−0.006*	0.004*	−0.215***	1
LIQ	−0.083**	0.061**	0.022*	−0.160***	0.017*	1
Eff	−0.544***	−0.033**	−0.017**	−0.196***	0.133***	0.193***	1
LEV	−0.011*	0.037*	0.085*	−0.178***	0.011*	−0.300***	0.004*	1
STO	−0.006*	0.061*	0.082*	0.081*	−0.003*	−0.146***	−0.052*	0.187***	1
SIZE	0.042*	0.127***	0.173***	0.085*	0.005*	−0.382***	−0.063*	0.596***	0.366***	1
CC	0.068**	0.054**	0.053**	0.061**	−0.052**	0.001*	0.049*	0.0002*	−0.034*	0.004*	1
CSR	0.089**	0.072**	0.075**	0.081**	−0.078**	0.019*	0.066**	0.011*	−0.024*	0.352***	0.532***	1

^*** is significance level at 0.01,

^** is 0.05 significance level;

^*is 0.1 significance level.