Table 3 Correlation coefficients

(1) fdd

1.0000

(2) fdn

0.7980*

1.0000

(3) fdr

0.8028*

0.9365*

1.0000

(4) fidd

0.4059*

0.5029*

0.4869*

1.0000

(5) csrdummy

0.0192*

0.0293*

-0.0105

0.0209*

1.0000

(6) csrcumu

0.0256*

0.0391*

-0.0110

0.0375*

0.7209*

1.0000

(7) csrcont

0.0246*

0.0171*

0.0175*

0.0018

0.3221*

0.3815*

1.0000

(8) csrovlp

0.0171*

0.0087

-0.0084

0.0103

0.4022*

0.4038*

0.3984*

1.0000

(9) scv

0.0163*

0.0248*

-0.0061

0.0111

0.1056*

0.1068*

0.0384*

0.0478*

1.0000

(10) sroa

-0.0019

-0.0044

-0.0125*

0.0578*

0.0543*

0.0385*

0.0440*

0.0304*

0.6264*

1.0000

(11) scvps

0.0242*

0.0239*

0.0012

0.1024*

0.1458*

0.1431*

0.0534*

0.0454*

0.4637*

0.7443*

1.0000

(12) asset

0.0307*

0.0480*

-0.0380*

-0.0178*

0.2923*

0.3313*

0.0789*

0.1639*

0.2758*

-0.0657*

0.2267*

1.0000

(13) debt

0.0130*

0.0207*

0.0260*

0.0035

0.0070

0.0190*

0.0186*

0.0082

-0.0228*

-0.1491*

-0.0206*

0.1747*

1.0000

(14) roa

0.0037

0.0064

-0.0131*

0.0340*

0.0860*

0.0776*

0.0503*

0.0595*

0.6453*

0.8663*

0.7065*

0.1569*

-0.1262*

1.0000

(15) insthold

0.0471*

0.0617*

0.0084

0.0525*

0.1859*

0.2022*

0.0615*

0.1164*

0.1696*

0.1344*

0.2863*

0.3907*

0.0411*

0.2207*

1.0000

(16) family

0.0911*

0.0692*

0.1069*

-0.0222*

-0.0685*

-0.0616*

0.0221*

-0.0147*

-0.0382*

-0.0751*

-0.0885*

0.0022

0.0207*

-0.0450*

-0.0148*

1.0000