Return ROA Tobin's Q
Panel A: Correlations among performance measures
Return 0.345⁎⁎⁎ 0.475⁎⁎⁎
ROA 0.321⁎⁎⁎ 0.196⁎⁎⁎
Tobin's Q 0.58⁎⁎⁎ 0.251⁎⁎⁎
GIM G-Index BCF E-Index TCL Benchmark Score BC GovScore % Independent Director Holdings CEO-Chair Duality
Panel B: Correlations among governance measures
GIM G-Index 0.719⁎⁎⁎ −0.327⁎⁎⁎ −0.105⁎⁎⁎ 0.275⁎⁎⁎ 0.005 0.088⁎⁎⁎
BCF EIndex 0.726⁎⁎⁎ −0.358⁎⁎⁎ −0.161⁎⁎⁎ 0.263⁎⁎⁎ −0.083⁎⁎⁎ 0.062⁎⁎
TCL Benchmark Score −0.343⁎⁎⁎ −0.377⁎⁎⁎ 0.314⁎⁎⁎ 0.088⁎⁎⁎ −0.116⁎⁎⁎ −0.201⁎⁎⁎
BC GovScore −0.11⁎⁎⁎ −0.169⁎⁎⁎ 0.311⁎⁎⁎ 0.354⁎⁎⁎ −0.013 0.089⁎⁎⁎
% Independent 0.286⁎⁎⁎ 0.263⁎⁎⁎ 0.069⁎⁎ 0.345⁎⁎⁎ −0.147⁎⁎⁎ 0.183⁎⁎⁎
Director Holdings 0.013 −0.073⁎⁎⁎ −0.125⁎⁎⁎ −0.032 −0.141⁎⁎⁎ 0.043⁎
CEO-Chair Duality 0.09⁎⁎⁎ 0.068⁎⁎ −0.179⁎⁎⁎ 0.078⁎⁎ 0.194⁎⁎⁎ 0.048⁎