ESG

CAPM

Size

DFL

ROA

Cashflow

Growth

CAPM

0.022^***

1

Size

−0.262^***

0.271^***

1

DFL

−0.088^***

−0.060^***

0.463^***

1

ROA

0.039^***

0.224^***

0.057^***

−0.352^***

1

Cashflow

−0.089^***

0.082^***

0.105^***

−0.140^***

0.363^***

1

Growth

0.017^**

−0.0110

0.028^***

0.00700

0.216^***

0.024^***

1

Markup

−0.041^***

0.071^***

−0.110^***

−0.360^***

0.345^***

0.217^***

0.046^***

Age

−0.395^***

−0.040^***

0.202^***

0.199^***

−0.098^***

0.030^***

−0.046^***

Own

0.00500

0.111^***

0.244^***

0.073^***

0.134^***

0.094^***

0.014^**

MSHARE

0.167^***

0.054^***

−0.289^***

−0.319^***

0.105^***

−0.027^***

0.064^***

Duality

−0.019^***

0.057^***

0.111^***

0.082^***

0.022^***

0.031^***

−0.013^*

Boards

0.00100

0.049^***

0.243^***

0.123^***

0.056^***

0.063^***

−0.013^*

Markup

Age

Own

MSHARE

Duality

Boards

Markup

1

Age

−0.050^***

1

Own

−0.027^***

−0.123^***

1

MSHARE

0.156^***

−0.357^***

−0.144^***

1

Duality

−0.040^***

0.058^***

0.078^***

−0.183^***

1

Boards

−0.025^***

0.033^***

0.058^***

−0.153^***

0.180^***

1