Variable

1

2

3

4

5

6

7

8

9

10

Firm Age

1

Ownership

0.245**

1

Industry

−0.010

0.328**

1

Audit firm

0.215**

0.033

0.333**

1

CSRI

0.066

0.124**

−0.121**

0.382**

1

Board_Indep

−0.079

0.178**

−0.115

0.246**

0.340**

1

Board_Dty

0.295**

0.086

0.019

0.064

0.254**

0.281**

1

ROA

−0.152*

−0.103

0.121**

−0.179**

−0.177**

−0.141*

−0.065

1

ROE

−0.170**

0.154*

0.171**

0.229**

0.200**

0.302**

0.299**

−0.019

1

GPM

0.087

0.154*

0.111

0.252**

0.330**

0.178**

0.228**

−0.130*

0.150*

1