CSR

IC

AC1

AC2

SIZE

LEV

ROA

INDEP

GROW

TOP3

STATE

LNSAL

CSR

1

IC

0.207***

1

AC1

−0.162***

−0.139***

1

AC2

−0.077***

−0.139***

0.071***

1

Size

0.287***

0.159***

−0.397***

−0.018*

1

Lev

0.015

−0.023**

−0.349***

0.210***

0.525***

1

Roa

0.346***

0.266***

−0.099***

−0.164***

−0.003

−0.335***

1

Indep

−0.013

0.011

0.060***

0.0140

0.017*

−0.01

−0.024**

1

Growth

0.003

0.030***

−0.028***

0.005

0.029***

0.027***

0.037***

0.00700

1

Top3

0.152***

0.106***

−0.158***

−0.106***

0.259***

0.032***

0.126***

0.048***

0.018*

1

State

0.136***

0.053***

−0.192***

0.038***

0.354***

0.291***

−0.108***

−0.047***

−0.042***

0.136***

1

Lnsal

0.265***

0.150***

−0.098***

−0.041***

0.442***

0.137***

0.204***

−0.012

0.008

0.092***

0.073***

1