The pair-wise correlation matrix of the variables is reported in Table IV. The highest correlation, as expected, is between CASHCOMP and TOTALCOMP (0.50). The correlation between SALES and CASHCOMP (0.41) is also strong and significant, as is that between SALES and TOTALCOMP (0.28). Both measures of performance, TRS and ROA, also have a small significant positive univariate association with both measures of compensation, CASHCOMP and TOTALCOMP. The pair-wise correlations between SALES, ROA, and TRS are below 0.10, which do not raise multicollinearity concerns. Consistent with previous studies, there is also a positive and significant correlation between stock market returns, TRS, and accounting returns, ROA, as well as an inconclusive association between SALES and both measuresof performance.