InvEff

ESG

Size

Lev

ROA

Cashflow

Indep

InvEff

1

ESG

−0.061^***

1

Size

−0.048^***

0.358^***

1

Lev

0.018^***

0.081^***

0.470^***

1

ROA

0.061^***

0.157^***

0.030^***

−0.346^***

1

Cash

0.047^***

0.069^***

0.048^***

−0.178^***

0.392^***

1

Indep

−0.00200

0

0.025^***

−0.00700

−0.028^***

−0.021^***

1

TobinQ

0.033^***

−0.109^***

−0.447^***

−0.304^***

0.178^***

0.101^***

0.033^***

SOE

−0.024^***

0.251^***

0.317^***

0.267^***

−0.067^***

−0.00300

−0.054^***

FirmAge

−0.102^***

0.066^***

0.159^***

0.119^***

−0.085^***

−0.00400

−0.00700

Top1

0.019^***

0.138^***

0.225^***

0.075^***

0.131^***

0.092^***

0.038^***

TobinQ

SOE

FirmAge

Top1

TobinQ

1

SOE

−0.158^***

1

FirmAge

−0.054^***

0.126^***

1

Top1

−0.110^***

0.263^***

−0.108^***

1