Complexity

Research Article

The Complexity of Interaction between Executive Board Gender Diversity and Financial Performance: A Panel Analysis Approach Based on Random Effects

Table 6

Correlation matrix.


Correlation t-statistic
Probability	Comp_index	ROE	ROA	EPS	SOL	Proportion of female MN	Blau index	Disclosure index	GOV R	Big4 R	Board size

FPindex	1.000000
	—
	—

ROE	0.287154	1.000000
	6.776593	—
	0.0000	—

ROA	0.600458	0.270508	1.000000
	16.97421	6.351722	—
	0.0000	0.0000	—

EPS	0.216443	0.118805	0.653260	1.000000
	5.011571	2.704789	19.50403	—
	0.0000	0.0071	0.0000	—

SOL	0.308530	0.040945	0.057245	0.018326	1.000000
	7.332129	0.926361	1.296166	0.414345	—
	0.0000	0.3547	0.1955	0.6788	—

Proportion of female MN	0.213855	0.077191	0.107147	0.035638	0.197575	1.000000
	4.948754	1.750137	2.436111	0.806119	4.556052	—
	0.0000	0.0807	0.0152	0.4205	0.0000	—

Blau index	0.163245	0.061417	0.069311	0.076494	0.126394	0.647608	1.000000
	3.740367	1.390972	1.570581	1.734251	2.880281	19.21244	—
	0.0002	0.1648	0.1169	0.0835	0.0041	0.0000	—

Disclosure index	0.035131	0.077769	0.105707	0.028737	0.043209	−0.042997	0.000447	1.000000
	0.794630	1.763332	2.403009	0.649874	0.977671	−0.972860	0.010108	—
	0.4272	0.0784	0.0166	0.5161	0.3287	0.3311	0.9919	—

GOV R	−0.070881	−0.156265	−0.052695	−0.027142	−0.084453	0.089285	0.099236	0.062255	1.000000
	−1.606317	−3.576365	−1.192835	−0.613784	−1.915930	2.026415	2.254393	1.410024	—
	0.1088	0.0004	0.2335	0.5396	0.0559	0.0432	0.0246	0.1591	—

Big4 R	0.077571	0.075761	0.153421	0.166042	−0.006305	0.100101	0.121524	0.087271	0.098604	1.000000
	1.758817	1.717547	3.509691	3.806272	−0.142521	2.274246	2.767598	1.980347	2.239895	—
	0.0792	0.0865	0.0005	0.0002	0.8867	0.0234	0.0059	0.0482	0.0255	—

Board size	0.319363	0.091396	0.193720	0.323505	0.016792	0.021985	0.186040	−0.018676	−0.050448	0.087332	1.000000
	7.618261	2.074723	4.463668	7.728522	0.379634	0.497093	4.280225	−0.422247	−1.141843	1.981742	—
	0.0000	0.0385	0.0000	0.0000	0.7044	0.6193	0.0000	0.6730	0.2541	0.0480	—

Note. The table shows the correlations, the value of the t-test, and its probability.