AQ

PActiveIndep

Size

Leverage

MB

ROA

Dloss

Finance

MA

Indep

AQ

0.06***

0.13***

0.05***

−0.02*

0.02

−0.09***

−0.08***

0.01

0.06***

PActiveIndep

0.07***

0.36***

0.24***

0.04***

−0.01

−0.00

−0.15***

0.02

0.29***

Size

0.16***

0.35***

0.45***

0.09***

0.12***

−0.20***

−0.22***

0.00

0.24***

Leverage

−0.00

0.22***

0.40***

0.01

−0.27***

0.09***

−0.22***

−0.02**

0.20***

MB

−0.03**

0.03***

0.05***

0.05***

0.53***

−0.27***

0.06***

−0.02

0.05***

ROA

0.15***

−0.00

0.19***

−0.20***

0.25***

−0.64***

0.04***

−0.02

0.01

Dloss

−0.14***

0.00

−0.21***

0.11***

−0.14***

−0.70***

0.04***

−0.02*

−0.05***

Finance

−0.07***

−0.15***

−0.22***

−0.22***

0.03**

0.00

0.04***

−0.14***

−0.08***

MA

0.03

0.02

0.00

−0.02**

−0.01

0.01

−0.02*

−0.14***

0.00

Pindep

0.05***

0.27***

0.23***

0.17***

0.02***

0.04***

−0.06***

−0.09***

0.00