Variable

IE1

IE2

IE3

Pay gap

Size

IE1

1

IE2

0.749***

1

IE3

0.695***

0.768***

1

Pay gap

−0.140***

−0.151***

−0.154***

1

Size

−0.160***

−0.181***

−0.195***

0.353***

1

Growth

−0.026**

−0.005

−0.007

0.041***

−0.003

Leverage

−0.014

−0.030**

−0.035**

0.041***

0.060***

CF

−0.075***

−0.056***

−0.054***

0.186***

0.057***

Roa

−0.055***

−0.045***

−0.057***

0.250***

−0.081***

Bsize

−0.087***

−0.104***

−0.115***

0.150***

0.293***

Inden

0.023**

0.043***

0.050***

−0.0150

0.026**

Top1

−0.0160

−0.029**

−0.036***

0.037***

0.227***

Dual

0.040***

0.042***

0.033**

0.044***

−0.207***

Variable

Growth

Leverage

CF

Roa

Bsize

Growth

1

Leverage

−0.003

1

CF

0.115***

−0.135***

1

Roa

0.254***

−0.429***

0.435***

1

Bsize

−0.027**

0.189***

0.033***

−0.001

1

Inden

−0.010

−0.007

−0.019*

−0.034***

−0.476***

Top1

0.003

0.072***

0.061***

0.061***

0.006

Dual

0.043***

−0.185***

−0.002

0.073***

−0.171***

Variable

Inden

Top1

Dual

Inden

1

Top1

0.070***

1

Dual

0.094***

−0.030***

1