CAR

BHAR

COMP

IC

SIZE

LEV

DER

EM2

FIXED

ROE

FL

CAR

1

BHAR

0.417 ^***

1

COMP

−0.088^**

0.111 ^***

1

IC

0.076 ^*

0.132 ^***

0.151 ^***

1

SIZE

−0.058

−0.147 ^***

−0.186 ^***

0.023

1

LEV

−0.077^*

−0.093 ^**

−0.311 ^***

−0.172 ^***

0.409 ^***

1

DER

−0.041

−0.042

−0.348 ^***

−0.211 ^***

0.264 ^***

0.829 ^***

1

EM2

−0.047

−0.033

−0.325 ^***

−0.190 ^***

0.264 ^***

0.802 ^***

0.942 ^***

1

FIXED

0.058

0.001

−0.126 ^***

−0.042

0.101 ^**

0.185 ^***

0.117 ^***

0.137 ^***

1

ROE

−0.011

0.012

0.449 ^***

0.330 ^***

0.131 ^***

−0.163 ^***

−0.267 ^***

−0.189 ^***

−0.131 ^***

1

FL

−0.038

−0.007

0.008

0.028

0.225 ^***

0.281 ^***

0.180 ^***

0.211 ^***

0.135 ^***

0.036

1