Preaching water but drinking wine? Relative performance evaluation in international banking

Swiss Journal of Economics and Statistics

Table 16 Pearson correlation coefficients without the years 2007 and 2008

	Firm stock return	Industry peer return	Industry/size peer return	Log(sales)	Log(assets)	Growth options	Total compensation
Firm stock return	1.00
Industry peer return	0.57^***	1.00
Industry/size peer return	0.63^***	0.96^***	1.00
Log(sales)	− 0.15^**	− 0.08	− 0.04	1.00
Log(assets)	− 0.18^***	− 0.11^*	− 0.06	0.96^***	1.00
Growth options	0.32^***	0.17^***	0.13^**	− 0.50^***	− 0.60^***	1.00
Total compensation	0.04	− 0.07	− 0.07	0.32^***	0.29^***	0.02	1.00

Note: This table shows Pearson product moment correlation coefficients between total compensation, performance measures, and control variables. The sample consists of 267 observations covering the time period 2004–2006 and 2009–2013. Significance levels are denoted as follows: 1% (***), 5% (**), and 10% (*)