Table 2.
Correlation coefficient matrix.
| Variables | Block_chain | Local_CEO | MB | ROA | Lev | Size | Board | Top1 | Indep | SOE |
|---|---|---|---|---|---|---|---|---|---|---|
| Block_chain | 1 | −0.051*** | 0.014 | −0.002 | −0.024* | 0.049*** | −0.048*** | −0.060*** | 0.052*** | −0.066*** |
| Local_CEO | 0.004 | 1 | 0.018 | 0.044*** | −0.051*** | −0.072*** | 0.004 | −0.040*** | −0.049*** | −0.020 |
| MB | 0.006 | 0.013 | 1 | −0.376*** | 0.496*** | 0.591*** | 0.154*** | 0.096*** | 0.001 | 0.328*** |
| ROA | −0.002 | 0.040*** | −0.275*** | 1 | −0.395*** | −0.053*** | 0.008 | 0.080*** | −0.014 | −0.167*** |
| Lev | −0.007 | −0.044*** | 0.478*** | −0.337*** | 1 | 0.520*** | 0.135*** | 0.053*** | 0.009 | 0.302*** |
| Size | 0.038*** | −0.112*** | 0.603*** | −0.015 | 0.505*** | 1 | 0.204*** | 0.188*** | 0.057*** | 0.349*** |
| Board | −0.009 | 0.006 | 0.173*** | 0.024* | 0.138*** | 0.252*** | 1 | 0.017 | −0.465*** | 0.306*** |
| Top1 | −0.046*** | −0.046*** | 0.102*** | 0.098*** | 0.057*** | 0.231*** | 0.036*** | 1 | 0.054*** | 0.137*** |
| Indep | 0.013 | −0.066*** | 0.014 | 0.004 | 0.009 | 0.089*** | −0.396*** | 0.058*** | 1 | −0.077*** |
| SOE | −0.061*** | −0.020 | 0.333*** | −0.084*** | 0.299*** | 0.356*** | 0.312*** | 0.137*** | −0.068*** | 1 |
This table reports the correlation coefficients between the variables, the lower triangular matrix reports the Pearson correlation coefficient and the upper triangular matrix reports the Spearman correlation coefficient. The variable definitions are shown in this table.
***
,
**
, and
*
represent the 1, 5, and 10% significance levels, respectively.