(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

1) ABSDA

1.000

2) INDEP

0.052

1.000

3) FAMILY

−0.051

−0.322***

1.000

4) FEMALE

−0.068

−0.091**

0.435***

1.000

5) FOREIGN

0.016

0.279***

−0.148***

0.046

1.000

6) DUALITY

−0.099**

−0.105**

0.127***

0.202***

−0.108**

1.000

7) BIG4

0.033

0.090**

−0.220***

−0.137***

0.381***

−0.070

1.000

8) LEV

0.207***

0.029

0.028

−0.039

−0.005

−0.045

−0.014

1.000

9) ROA

−0.218***

0.020

0.011

0.009

0.035

0.055

0.138***

−0.555***

1.000

10) SIZE

−0.013

0.222***

−0.367***

−0.270***

0.155***

−0.128***

0.456***

−0.152***

0.280***

1.000