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| Incentive | OC | Research | ROA | Return | Value | Fixasset | PB | lev | Firm age | Growth | State | COCEN | Separation | Age |
| Incentive | 1.000 |
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| OC | −0.040*** | 1.000 |
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| Research | 0.092*** | −0.051*** | 1.000 |
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| ROA | 0.110*** | −0.112*** | 0.039*** | 1.000 |
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| Return | 0.111*** | −0.023** | 0.051*** | 0.077*** | 1.000 |
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| Value | 0.100*** | −0.004 | 0.010 | 0.255*** | 0.220*** | 1.000 |
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| Fixasset | −0.027*** | 0.034*** | −0.283*** | −0.046*** | −0.092*** | 0.472*** | 1.000 |
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