rd

rd_tan

rd_li

csr

man

educ

investorage

political

authority

rd

1

rd_tan

0.835***

1

rd_li

0.838***

0.399***

1

csr

0.083***

0.090***

0.050***

1

man

0.038**

0.034**

0.029*

0.030*

1

educ

0.032*

0.049***

0.005

0.022

−0.019

1

investorage

0.045***

0.031*

0.044**

0.039**

0.095***

−0.126***

1

political

0.097***

0.081***

0.081***

0.050***

0.114***

0.143***

0.147***

1

authority

−0.074***

−0.059***

−0.065***

−0.060***

−0.016

−0.167***

−0.027

−0.094***

1

lnsize

0.141***

0.120***

0.116***

0.115***

0.192***

0.184***

0.213***

0.472***

−0.218***

firmage

0.046***

0.035**

0.042**

−0.001

0.099***

0.062***

0.326***

0.279***

−0.050***

overseas

0.142***

0.134***

0.105***

0.038**

0.087***

0.015

0.103***

0.107***

−0.079***

emptrain

0.141***

0.128***

0.108***

0.063***

0.075***

0.166***

0.063***

0.255***

−0.155***

lev

0.045***

0.047***

0.029*

0.006

0.073***

0.095***

0.107***

0.158***

−0.164***

profit

0.099***

0.079***

0.087***

0.040**

0.004

−0.028

−0.023

0.011

0.074***

future

0.083***

0.076***

0.063***

0.037**

0.051***

0.096***

−0.046***

0.122***

−0.125***

finance

0.062***

0.058***

0.045***

0.085***

0.063***

0.116***

0.055***

0.180***

−0.108***

credit

−0.001

−0.006

0.004

0.055***

0.034*

−0.026

0.019

0.087***

−0.021

lnsize

firmage

overseas

emptrain

lev

profit

future

finance

credit

lnsize

1

firmage

0.416***

1

overseas

0.304***

0.174***

1

emptrain

0.441***

0.249***

0.159***

1

lev

0.331***

0.135***

0.171***

0.187***

1

profit

−0.049***

−0.009

−0.017

0.004

−0.206***

1

future

0.145***

0.013

0.063***

0.106***

0.060***

0.033*

1

finance

0.231***

0.132***

0.082***

0.155***

0.112***

−0.025

0.128***

1

credit

0.064***

0.003

0.005

−0.004

0.012

0.017

0.091***

0.188***

1