CapD

CapA

Academic

AcadmcRT

SIZE

LEV

RDI

CapA

0.677^***

1.000

Academic

0.082^***

0.081^***

1.000

AcadmcRT

0.081^***

0.082^***

0.829^***

1.000

SIZE

0.186^***

0.139^***

−0.022^***

−0.051^***

1.000

LEV

0.086^***

0.060^***

−0.087^***

−0.100^***

0.501^***

1.000

RDI

0.170^***

0.205^***

0.143^***

0.149^***

−0.232^***

−0.319^***

1.000

BIG4

0.073^***

0.035^***

0.023^***

0.013^**

0.345^***

0.111^***

−0.039^***

ROE

−0.056^***

−0.059^***

0.021^***

0.014^**

0.043^***

−0.192^***

−0.064^***

SOE

0.124^***

0.064^***

−0.110^***

−0.093^***

0.377^***

0.321^***

−0.219^***

BOARD

0.076^***

0.054^***

−0.017^***

−0.027^***

0.270^***

0.202^***

−0.107^***

AGE

0.041^***

0.033^***

−0.051^***

−0.049^***

0.245^***

0.160^***

−0.079^***

GROWTH

0.002

−0.003

0.018^***

0.016^***

0.025^***

0.017^***

−0.026^***

BIG4

ROE

SOE

BOARD

AGE

GROWTH

ROE

0.051^***

1.000

SOE

0.137^***

−0.061^***

1.000

BOARD

0.069^***

−0.070^***

0.297^***

1.000

AGE

0.037^***

−0.062^***

0.179^***

0.109^***

1.000

GROWTH

−0.006

0.256^***

−0.074^***

−0.007

−0.073^***

1.000