Table 2 Pearson correlation and variance inflation factor test.
(1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) | (11) | (12) | (13) | ||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
ESG_HZ | CD | Dual | SOE | FirmAge | Lev | ROA | Growth | Loss | Board | Indep | TOP1 | Mshare | VIF | |
(1) | 1.000 | - | ||||||||||||
(2) | 0.049*** | 1.000 | 1.06 | |||||||||||
(3) | −0.100*** | 0.104*** | 1.000 | 1.14 | ||||||||||
(4) | 0.250*** | −0.154*** | −0.313*** | 1.000 | 1.53 | |||||||||
(5) | 0.062*** | 0.099*** | −0.088*** | 0.150*** | 1.000 | 1.11 | ||||||||
(6) | 0.088*** | −0.069*** | −0.161*** | 0.309*** | 0.179*** | 1.000 | 1.34 | |||||||
(7) | 0.145*** | −0.011** | 0.037*** | −0.088*** | −0.103*** | −0.347*** | 1.000 | 2.02 | ||||||
(8) | −0.005 | 0.023*** | 0.025*** | −0.063*** | −0.048*** | 0.033*** | 0.246*** | 1.000 | 1.10 | |||||
(9) | −0.130*** | 0.019*** | −0.012** | 0.024*** | 0.078*** | 0.187*** | −0.645*** | −0.173*** | 1.000 | 1.72 | ||||
(10) | 0.136*** | −0.090*** | −0.180*** | 0.279*** | 0.007 | 0.155*** | 0.017*** | −0.015*** | −0.027*** | 1.000 | 1.56 | |||
(11) | −0.007 | 0.068*** | 0.107*** | −0.065*** | 0.002 | −0.013** | −0.018*** | 0.007 | 0.019*** | −0.533*** | 1.000 | 1.43 | ||
(12) | 0.127*** | −0.124*** | −0.049*** | 0.209*** | −0.120*** | 0.052*** | 0.131*** | 0.006 | −0.102*** | 0.022*** | 0.040*** | 1.000 | 1.11 | |
(13) | −0.130*** | 0.103*** | 0.263*** | −0.488*** | −0.235*** | −0.344*** | 0.156*** | 0.054*** | −0.089*** | −0.203*** | 0.073*** | −0.080*** | 1.000 | 1.44 |