Table 3.

Correlation matrix.

	Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)
(1)	CSP	1
(2)	DT	0.111	1
(3)	Board independence	0.021	0.063	1
(4)	Institutional ownership	0.133	−0.198	−0.123	1
(5)	Firm size	0.178	−0.141	−0.089	0.477	1
(6)	Firm age	−0.010	−0.103	−0.130	0.145	0.175	1
(7)	ROA	0.140	−0.006	0.034	−0.024	−0.137	−0.085	1
(8)	SOE	0.014	−0.168	−0.147	0.435	0.392	0.273	−0.078	1
(9)	Leverage	−0.127	−0.155	−0.068	0.263	0.554	0.193	−0.233	0.309	1
(10)	Board size	−0.006	−0.088	−0.155	0.217	0.254	0.112	−0.017	0.264	0.174	1
(11)	CEO duality	0.003	0.094	0.127	−0.222	−0.190	−0.133	0.054	−0.284	−0.135	−0.162	1
(12)	Shareholder concentration	0.135	−0.142	0.026	0.538	0.256	−0.075	−0.022	0.212	0.076	0.032	−0.039	1