| 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 |
|