1

2

3

4

5

6

7

1) ROA

1

2) Salary

0.043***

1

3) Firmage

−0.049***

0.132***

1

4) Staff

0.020***

0.243***

0.028***

1

5) Duality

0.026***

0.007

−0.104***

−0.122***

1

6) Boardnum

−0.050***

0.029***

0.103***

0.181***

−0.151***

1

7) Inboardr

0.015***

0.004

−0.048***

−0.019***

0.100***

−0.150***

1

8) Tmtnum

−0.018***

0.074***

0.011*

0.318***

−0.053***

0.287***

−0.044***

9) Tenure

0.013**

0.084***

0.047***

0.079***

0.066***

−0.083***

0.079***

10) Boardnum

0.043***

0.055***

−0.124***

0.021***

0.128***

0.046***

−0.010*

11) Hhi

0.050***

−0.014**

−0.111***

0.196***

−0.045***

−0.003

0.022***

12) Assetlr

−0.436***

0.004

0.050***

0.014**

−0.030***

0.054***

−0.014**

13) Private

−0.010*

0.028***

0.036***

−0.110***

0.111***

−0.111***

0.070***

8

9

10

11

12

13

8) Tmtnum

1

9) Tenure

−0.019***

1

10) Boardnum

0.079***

0.139***

1

11) Hhi

0.006

−0.104***

−0.210***

1

12) Assetlr

0.018***

−0.014**

−0.048***

0.001

1

13) Private

−0.061***

0.110***

0.183***

−0.222***

−0.010*

1