变量

ENV

Overseas

GTI

Size

Lev

ROA

Capital

R&D

Board

TobinQ

top10

ENV

1

Overseas

0.001

1

GTI

0.191***

0.047***

1

Size

0.160***

0.070***

0.217***

1

Lev

0.097***

−0.049***

0.102***

0.524***

1

ROA

0.020***

0.051***

0.037***

−0.033***

−0.347***

1

Capital

0.025***

0.045***

0.041***

−0.045***

−0.039***

0.125***

1

R&D

−0.042***

0.070***

0.004

−0.120***

−0.160***

−0.045***

0.015*

1

Board

0.101***

−0.035***

0.124***

0.279***

0.167***

−0.016**

−0.019**

−0.048***

1

TobinQ

−0.039***

0.067***

−0.038***

−0.277***

−0.197***

0.138***

−0.005

0.105***

−0.092***

1

top10

0.006

0.075***

0.027***

0.073***

−0.121***

0.243***

0.125***

−0.034***

−0.013*

−0.064***

1