Table 25 Correlation analysis.
From: Does greenization pay off? Insights from an economic vitality perspective
Variable | ROA | Tobin’s Q | TFP | Greenization | Size | Lev | Cashflow | Growth | Board | Dual | Indep | Topfirst | Age |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
ROA | 1.000 | ||||||||||||
Tobin’s Q | 0.222*** | 1.000 | |||||||||||
TFP | 0.112*** | −0.290*** | 1.000 | ||||||||||
Greenization | 0.019*** | −0.157*** | 0.238*** | 1.000 | |||||||||
Size | 0.005 | −0.396*** | 0.743*** | 0.278*** | 1.000 | ||||||||
Lev | −0.346*** | −0.316*** | 0.464*** | 0.165*** | 0.518*** | 1.000 | |||||||
Cashflow | 0.455*** | 0.130*** | 0.095*** | 0.045*** | 0.075*** | −0.154*** | 1.000 | ||||||
Growth | 0.288*** | 0.099*** | 0.122*** | −0.004 | 0.036*** | 0.045*** | 0.032*** | 1.000 | |||||
Board | 0.012** | −0.104*** | 0.164*** | 0.039*** | 0.272*** | 0.146*** | 0.033*** | 0.007 | 1.000 | ||||
Dual | 0.034*** | 0.099*** | −0.145*** | −0.043*** | −0.186*** | −0.125*** | −0.005 | 0.025*** | −0.176*** | 1.000 | |||
Indep | −0.016*** | 0.034*** | −0.009 | −0.013** | −0.008 | −0.013** | −0.002 | −0.011* | −0.571*** | 0.103*** | 1.000 | ||
Topfirst | 0.152*** | −0.091*** | 0.140*** | 0.032*** | 0.168*** | 0.028*** | 0.121*** | −0.009 | 0.016** | −0.052*** | 0.041*** | 1.000 | |
Age | −0.187*** | −0.139*** | 0.371*** | 0.089*** | 0.495*** | 0.349*** | 0.001 | −0.090*** | 0.196*** | −0.245*** | −0.033*** | −0.079*** | 1.000 |
