RD

SUBR

Top1

Balance2

Mshare

Size

Lev

ROA

board

indep

bm

listage

growth

RD

1

SUBR

0.257^***

1

Top1

−0.118^***

−0.008

1

Balance2

0.075^***

0.012

−0.689^***

1

Mshare

0.146^***

0.046^***

−0.068^***

0.156^***

1

Size

−0.154^***

−0.085^***

0.122^***

−0.018

−0.277^***

1

Lev

−0.172^***

−0.058^***

0.015

−0.032^***

−0.213^***

0.504^***

1

ROA

−0.098^***

−0.018

0.132^***

−0.039^***

0.071^***

0.095^***

−0.315^***

1

board

−0.124^***

−0.037^***

0.002

0.035^***

−0.173^***

0.281^***

0.142^***

0.086^***

1

indep

0.080^***

0.010

0.036^***

−0.024^*

0.040^***

−0.020

0.000

−0.049^***

−0.571^***

1

bm

−0.179^***

−0.081^***

0.039^***

−0.035^***

−0.215^***

0.565^***

0.512^***

−0.215^***

0.159^***

0.010

1

listage

−0.160^***

−0.112^***

−0.041^***

−0.130^***

−0.503^***

0.405^***

0.252^***

−0.022^*

0.189^***

−0.024^*

0.335^***

1

growth

−0.035^***

0.006

0.006

0.044^***

0.073^***

0.058^***

0.042^***

0.254^***

−0.010

−0.004

−0.046^***

−0.073^***

1