TABLE 5.

Correlation analysis results.

	ROE	ZMQG	JQG	IC	EPS	MB	AGE	LNSIZE	TRET
ROE	1
ZMQG	−0.082*	1
	0.014
JQG	−0.015*	0.639**	1
	0.656	0.000
IC	−0.049	0.037	0.030	1
	0.144	0.273	0.375
EPS	0.001*	−0.013	−0.022	0.077*	1
	0.770	0.685	0.508	0.022
MB	−0.001	−0.016	−0.017	0.052	0.126**	1
	0.782	0.637	0.602	0.123	0.000
AGE	0.046	0.031	0.035	−0.104**	−0.168**	−0.048	1
	0.165	0.351	0.289	0.002	0.000	0.150
LNSIZE	−0.052	−0.0089**	0.062	−0.152**	0.100**	−0.032	0.386**	1
	0.118	0.007	0.063	0.000	0.003	0.331	0.000
TRET	−0.052	−0.031	−0.056	−0.050	0.590**	0.092**	−0.122**	0.077	1
	0.116	0.350	0.094	0.136	0.000	0.006	0.000	0.021

*Significantly correlated at the 0.05 level (two-sided).

**Significantly correlated at the 0.01 level (two-sided).