NCSKEW

CSR

CSC

SIZE

LEV

ROE

DTURN

RET

MB

SIGMA

INSTI

FIR

OPAQUE

NCSKEW

1

CSR

−0.0504***

1

CSC

−0.0162*

0.0690***

1

SIZE

−0.0190**

0.2775***

0.0553***

1

LEV

−0.0449***

−0.0227***

0.0091

0.5070***

1

ROE

0.0398***

0.4791***

0.0376***

0.1539***

−0.0911***

1

DTURN

−0.1036***

−0.0055

0.0034

0.0377***

0.0901***

−0.0801***

1

RET

−0.0918***

0.0403***

−0.0251***

−0.0660***

−0.0028

0.0710***

0.3531***

1

MB

0.0226**

−0.1161***

−0.0696***

−0.5060***

−0.1001***

0.0649***

0.0980***

0.2580***

1

SIGMA

0.0985***

−0.1483***

−0.0723***

−0.3028***

−0.0687***

−0.0966***

0.4993***

0.4597***

0.4307***

1

INSTI

−0.0077

0.2040***

0.0046

0.4267***

0.2075***

0.1538***

0.0279***

0.0550***

−0.1288***

−0.1437***

1

FIR

−0.0323***

0.1340***

0.0082

0.2391***

0.0959***

0.1368***

0.0188**

0.0097

−0.1090***

−0.0487***

0.4490***

1

OPAQUE

−0.0313***

−0.0171**

−0.0089

−0.0104

0.1098***

0.0015

−0.0190**

−0.0049

0.0953***

0.0399***

−0.0366**

−0.0153

1