Variables

ROA

EID_W

EID_Q

Growth

Lev

List

Cashflow

Dual

Indep

Top1

SOE

ROA

1

EID_ Whether

0.006***

1

EID_Quality

0.008***

0.35***

1

Growth

0.22***

−0.04**

−0.03**

1

Lev

−0.44***

0.16***

0.27***

−0.02

1

Cashflow

0.40***

0.13***

0.06***

0.03*

−0.09***

1

Dual

0.04***

−0.12***

−0.11***

0.01

−0.13***

−0.03**

1

Indep

−0.03*

0.01

−0.03*

−0.02

−0.01

−0.02

0.10***

1

Top1

0.03**

0.13***

0.16***

0.03**

0.13***

0.10***

−0.09***

0.05***

1

ListAge

−0.16***

0.26***

0.23***

−0.04**

0.38***

0.11***

−0.16***

0.01

−0.02

1

SOE

−0.18***

0.26***

0.25***

−0.07***

0.37***

0.05***

−0.23***

−0.03*

0.27***

0.42***

1