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 4

Results of correlation analysis.

	ESG	Size	Lev	BM	SOE	Cashflow	Top1	ListAge	Big4	ROA
ESG	1
Size	0.409	1
Lev	0.168	0.518	1
BM	0.245	0.682	0.556	1
SOE	0.172	0.350	0.277	0.287	1
Cashflow	0.00800	0.032	–0.176	–0.097	–0.017	1
Top1	0.043	0.182	0.045	0.077	0.250	0.097	1
ListAge	0.155	0.327	0.328	0.228	0.420	–0.031	–0.056	1
Big4	0.313	0.442	0.182	0.348	0.157	0.051	0.118	0.061	1
ROA	–0.059	0.00700	–0.357	–0.179	–0.071	0.371	0.126	–0.175	0.019	1

, , and .