Corporate Governance, Agency Costs, and Corporate Sustainable Development: A Mediating Effect Analysis

Table 3

Correlation coefficients.

	BS	LNSALARY	IND	TOP	DAR	DIVR	DIV	Zscore	EPS	TAT	MER	FCF	REVGROWTH	NIGROWTH	AGE	LNREV
BS	1
LNSALARY	0.181	1
IND	0.766	0.199	1
TOP	0.112	0.111	0.137	1
DAR	0.115	0.182	0.150	−0.007	1
DIVR	0.021	0.089	0.022	0.103	−0.095	1
DIV	0.005	0.150	0.055	0.150	−0.086	0.145	1
Zscore	−0.116	−0.098	−0.098	−0.029	−0.402	−0.021	0.030	1
EPS	0.001	0.191	0.046	0.154	−0.107	0.052	0.870	0.032	1
TAT	0.02	0.071	0.026	0.034	0.050	−0.001	0.049	−0.022	0.061	1
MER	−0.090	−0.083	−0.068	−0.128	−0.125	−0.017	−0.044	0.294	−0.073	−0.211	1
FCF	0.034	0.002	0.039	0.099	−0.042	0.037	0.064	−0.008	0.048	0.045	−0.019	1
REVGROWTH	−0.044	0.002	−0.027	−0.008	0.045	−0.023	−0.005	0.009	0.009	0.057	−0.02	−0.014	1
NIGROWTH	0.016	0.031	0.011	0.012	−0.032	0.029	0.024	−0.042	0.103	0.016	−0.056	0.009	0.030	1
AGE	−0.041	−0.016	−0.064	−0.221	0.061	−0.039	−0.016	0.003	0.007	0.022	0.060	−0.035	0.039	0.01	1
LNREV	0.256	0.461	0.301	0.317	0.396	0.069	0.187	−0.313	0.221	0.378	−0.430	0.141	−0.006	0.021	−0.061	1

This table reports correlation coefficients between key variables for a sample of 5575 firm-year observations covering 2015–2019. Please see Table 1 for the variable description. , , and represent statistical significance at the 10%, 5%, and 1% levels, respectively.