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Frontiers of Business Research in China

Table 3 Correlation matrix

From: Non-family chair and corporate performance

  

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

(14)

(15)

(16)

(17)

(18)

(1)

ROA

1.000

                 

(2)

OROA

0.870***

1.000

                

(3)

ROS

0.758***

0.625***

1.000

               

(4)

OROS

0.628***

0.718***

0.820***

1.000

              

(5)

NFChair

−0.162***

−0.180***

−0.129***

−0.146***

1.000

             

(6)

Size

0.245***

0.289***

0.176***

0.216***

−0.082***

1.000

            

(7)

MB

−0.014

0.013

− 0.054***

− 0.026**

0.119***

0.182***

1.000

           

(8)

Leverage

−0.224***

−0.374***

−0.180***

− 0.332***

0.215***

− 0.114***

−0.011

1.000

          

(9)

Board

0.009

0.020*

0.009

0.017

0.005

0.087***

−0.036***

0.050***

1.000

         

(10)

Independence

0.041***

0.033***

0.037***

0.035***

−0.090***

0.082***

0.005

−0.040***

−0.368***

1.000

        

(11)

Duality

0.029**

0.017

0.029***

0.026**

−0.142***

0.003

−0.008

− 0.137***

−0.095***

0.095***

1.000

       

(12)

Top1

0.113***

0.152***

0.080***

0.117***

−0.110***

0.074***

−0.130***

− 0.104***

−0.103***

0.041***

0.049***

1.000

      

(13)

Top25

0.076***

0.088***

0.044***

0.053***

−0.169***

−0.157***

−0.134***

− 0.196***

0.064***

− 0.016

0.059***

− 0.299***

1.000

     

(14)

Institution

0.184***

0.199***

0.086***

0.106***

0.003

0.292***

0.078***

−0.046***

0.041***

0.076***

0.015

−0.068***

0.084***

1.000

    

(15)

Foreign

−0.002

−0.023**

− 0.000

−0.018

0.047***

0.103***

0.114***

0.089***

0.029***

−0.036***

−0.005

− 0.032***

−0.019*

0.043***

1.000

   

(16)

Tangibility

−0.077***

−0.114***

− 0.051***

−0.074***

0.112***

−0.090***

− 0.008

0.154***

0.108***

−0.061***

− 0.083***

−0.071***

− 0.097***

0.005

0.084***

1.000

  

(17)

Firm age

−0.073***

−0.097***

− 0.042***

−0.073***

0.192***

0.146***

0.176***

0.239***

−0.027**

0.099***

−0.052***

−0.184***

− 0.274***

0.019*

0.090***

−0.005

1.000

 

(18)

CapEx

0.092***

0.130***

0.070***

0.112***

−0.172***

0.077***

−0.122***

−0.199***

0.040***

0.020*

0.074***

0.096***

0.148***

0.110***

−0.036***

0.208***

−0.255***

1.000

  1. This table presents the correlation matrix of the main variables. See the Appendix for the detailed definitions of the variables. ***, ** and * indicate significance at the 1%, 5% and 10% level, respectively
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