Did the Inclusion of China’s A-Shares in the MSCI Index Improve the Information Content of Listed Firms? Analysis Based on Stock Price Synchronisation and Environmental Social Governance

Table 3

Results of correlation analysis.

	Syn	Size	Lev	BM	SOE	Cashflow	Top1	ListAge	Big4	ROA
Syn	1
Size	0.157	1
Lev	0.039	0.457	1
BM	0.187	0.659	0.562	1
SOE	0.142	0.341	0.279	0.327	1
Cashflow	0.00700	0.071	–0.177	–0.086	0.00100	1
Top1	0.027	0.236	0.060	0.131	0.251	0.101	1
ListAge	0.093	0.336	0.359	0.290	0.438	–0.039	–0.062	1
Big4	0.039	0.353	0.101	0.215	0.138	0.080	0.151	0.074	1
ROA	–0.023	0.041	–0.367	–0.193	–0.076	0.369	0.126	–0.178	0.042	1

, , and .