Controlling Shareholders’ Equity Pledge and Listed Companies’ Stock Repurchase

Table 3

Correlation analysis.

Variable	Rpurchase1	Rpurchase2	Pledge1	Pledge2	Lev	Growth	Roe
Rpurchase1	1
Rpurchase2	0.674	1
Pledge1	0.221	0.152	1
Pledge2	0.186	0.134	0.495	1
Lev	−0.063	−0.036	−0.040	0.025	1
Growth	−0.023	−0.031	0.00600	0.0110	0.094	1
Roe	0.029	0.024	−0.045	−0.068	−0.137	0.032	1
Soe	−0.232	−0.150	−0.483	−0.307	0.279	0.036	−0.047
Dual	0.082	0.046	0.155	0.089	−0.129	−0.017	0.0120
Board	0.020	0.00400	0.027	0.020	0.00100	0.017	−0.0110
Asset	−0.00800	0.038	−0.155	−0.0110	0.575	0.026	0.072
	Soe	Dual	Board	Asset
Soe	1
Dual	−0.299	1
Board	−0.045	0.118	1
Asset	0.417	−0.200	0.016	1