VARIABLES

SA

DIFI

Cash

Growth

Lev

ROA

Top 1

bm

opinion

board

balance3

SA

1.000

DIFI

−0.474^***

1.000

Cash

−0.055^***

0.071^***

1.000

Growth

0.016

−0.014

−0.017^*

1.000

Lev

−0.131^***

0.158^***

−0.163^***

0.034^***

1.000

ROA

0.060^***

−0.126^***

0.360^***

0.133^***

−0.242^***

1.000

Top1

0.118^***

−0.186^***

0.066^***

−0.019^**

−0.018^*

0.142^***

1.000

bm

−0.081^***

0.010

−0.146^***

−0.013

0.310^***

−0.193^***

0.003

1.000

opinion

0.066^***

−0.092^***

0.053^***

0.023^**

−0.140^***

0.226^***

0.069^***

−0.054^***

1.000

board

−0.041^***

−0.096^***

0.028^***

0.023^**

0.072^***

0.053^***

−0.043^***

0.106^***

0.005

1.000

balance3

−0.040^***

0.064^***

−0.028^***

0.052^***

−0.062^***

−0.033^***

−0.747^***

0.010

−0.046^***

0.061^***

1.000