Digital Transformation and ESG Performance: A Quasinatural Experiment Based on China’s Environmental Protection Law

Table 5

Correlation matrix.

	ESG	DT	EERE	POLLUT	POST	SIZE	LEV	ROA	CASH	FIXED	INDEP	BM	AGE
ESG	1
DT	0.046	1
EERE	-0.008	-0.178	1
POLLUT	-0.030	-0.164	0.529	1
POST	-0.044	0.069	-0.019	-0.043	1
SIZE	0.333	-0.048	0.066	0.056	0.139	1
LEV	0.067	-0.003	0.024	0.048	-0.039	0.496	1
ROA	0.153	-0.047	-0.010	-0.018	-0.065	0.009	-0.344	1
CASH	0.067	-0.062	0.072	0.079	0.069	0.056	-0.170	0.373	1
FIXED	-0.007	-0.245	0.307	0.389	-0.086	0.086	0.076	-0.072	0.235	1
INDEP	-0.011	0.037	-0.030	-0.039	0.061	0.001	-0.010	-0.028	-0.009	-0.050	1
BM	0.187	-0.015	0.055	0.075	0.011	0.645	0.552	-0.201	-0.092	0.076	0.008	1
AGE	0.032	0.032	-0.017	0.008	0.370	0.172	0.167	-0.104	0.022	-0.003	-0.012	0.170	1

Notes: . ; ; .