Panel A: Correlation Variables CAR [ −1, 1] to R&D 1 2 3 4 5 6 7 8 1 CAR [−1, 1] 0.761 0.000 −0.010 0.022 −0.016 −0.017 −0.007 2 CAR [−2, 2] 0.792 0.001 −0.006 0.024 −0.019 −0.021 −0.008 3 CIPHT −0.008 −0.009 0.267 0.002 0.011 0.012 0.017 4 PRO_CASE 0.010 0.013 0.107 0.008 0.025 0.032 0.022 5 SIZE 0.004 0.005 0.006 −0.008 −0.323 −0.440 0.174 6 ROA −0.002 −0.003 −0.001 0.003 0.065 0.398 −0.117 7 CURR −0.011 −0.015 −0.001 −0.005 −0.271 0.025 −0.063 8 R&D 0.006 0.007 −0.007 −0.003 0.014 0.003 −0.006 9 LOSS −0.001 −0.002 −0.008 0.012 −0.065 −0.144 −0.009 −0.004 10 LEV 0.004 0.005 −0.004 −0.003 0.103 −0.275 −0.208 0.000 11 OPCF −0.012 −0.016 0.001 −0.031 −0.090 0.075 0.066 −0.006 12 TURN 0.000 0.000 0.001 −0.015 −0.182 −0.046 −0.014 −0.010 13 CEO_AGE 0.002 0.003 −0.012 −0.019 0.107 0.025 −0.003 0.013 14 CEO_COM 0.001 0.001 0.007 0.007 0.024 0.000 −0.013 0.000 15 CEO_TEN 0.006 0.008 0.009 −0.004 0.062 −0.016 −0.015 −0.015 16 CEO_DUA −0.005 −0.006 0.005 −0.038 0.030 0.035 0.024 −0.007 Panel B: Correlation Variables LOSS to CEO_DUA 9 10 12 11 13 14 15 16 1 CAR [−1, 1] −0.005 0.019 −0.017 −0.009 0.008 −0.002 0.007 −0.006 2 CAR [−2, 2] −0.006 0.024 −0.023 −0.011 0.009 0.001 0.009 −0.007 3 CIPHT −0.008 0.000 0.001 0.001 −0.009 0.016 0.009 0.006 4 PRO_CASE −0.006 −0.014 0.021 0.004 −0.009 0.013 0.009 0.023 5 SIZE −0.052 0.465 −0.159 −0.325 0.089 −0.274 0.042 0.002 6 ROA −0.460 −0.426 0.338 0.482 0.056 −0.125 0.021 0.081 7 CURR −0.065 −0.815 0.183 0.113 0.036 0.077 0.047 0.040 8 R&D 0.003 0.056 −0.109 −0.165 0.060 0.018 0.083 0.022 9 LOSS 0.071 −0.069 −0.038 −0.066 −0.460 −0.057 −0.047 10 LEV 0.080 −0.285 −0.126 −0.045 −0.059 −0.063 −0.045 11 OPCF −0.022 −0.132 0.206 0.026 −0.077 −0.014 0.042 12 TURN 0.024 0.116 0.142 −0.006 −0.175 −0.046 0.032 13 CEO_AGE −0.065 −0.066 −0.012 −0.046 0.004 0.269 0.066 14 CEO_COM −0.038 0.009 −0.010 −0.018 0.007 0.075 −0.002 15 CEO_TEN −0.049 −0.037 −0.048 −0.062 0.283 −0.003 0.116 16 CEO_DUA −0.043 −0.026 0.008 −0.015 0.067 0.012 0.101