Tq

Don

Pincome

Grosspro

Cash

Pc

Tax

Sub

Tq

1

Don

0.039***

1

Pincome

0.266***

0.224***

1

Grosspro

0.160***

0.088***

0.604***

1

Cash

−0.062***

0.041***

−0.036***

−0.065***

1

Pc

−0.058***

0.038***

−0.045***

−0.021*

0.0170

1

Tax

−0.063***

0.048***

−0.00900

0.0190

0.061***

0.025**

1

Sub

0.380***

−0.038***

0.143***

0.089***

−0.037***

−0.0200

−0.058***

1

Asset

−0.463***

0.034***

−0.161***

−0.124***

0.291***

0.079***

0.138***

−0.397***

Lev

−0.292***

−0.090***

−0.388***

−0.244***

0.082***

0.042***

0.071***

−0.289***

Industry

0.060***

−0.040***

0.079***

0.045***

−0.111***

−0.023*

−0.0190

−0.025**

No1share

−0.0150

0.0200

0.024*

0.034***

0.067***

0.0100

0.101***

0.053***

Board

−0.110***

0.00800

−0.032**

−0.053***

0.043***

0.075***

0.032**

−0.057***

Both

0.063***

−0.00700

0.067***

0.067***

−0.028**

−0.058***

−0.067***

0.0170

IND

0.071***

0.0100

0.067***

0.064***

−0.00800

−0.031**

−0.036***

0.046***

age

−0.072***

0.0200

−0.082***

−0.110***

0.060***

−0.027**

0.132***

−0.395***

Asset

Lev

Industry

No1share

Board

Both

IND

age

Asset

1

Lev

0.544***

1

Industry

0.0200

0.033***

1

No1share

0.077***

0.023*

−0.045***

1