Table 3

Correlation matrix

Variables(1)(2)(3)(4)(5)(6)(7)(8)(9)(10)(11)
(1) LLP/Asset1.000          
(2) LLP/Equity0.881***1.000         
(0.000)          
(3) LLP/Loans0.926***0.843***1.000        
(0.000)(0.000)         
(4) CFP−0.088***−0.124***−0.037*1.000       
(0.000)(0.000)(0.062)        
(5) Size0.140***0.239***0.263***−0.147***1.000      
(0.000)(0.000)(0.000)(0.000)       
(6) Leverage−0.101***0.264***−0.011−0.129***0.394***1.000     
(0.000)(0.000)(0.596)(0.000)(0.000)      
(7) Diversified0.274***0.204***0.194***0.265***−0.323***−0.260***1.000    
(0.000)(0.000)(0.000)(0.000)(0.000)(0.000)     
(8) GrowthRevenue−0.028−0.054***−0.034*−0.051**−0.091***−0.121***−0.044**1.000   
(0.164)(0.007)(0.087)(0.011)(0.000)(0.000)(0.027)    
(9) Efficiency−0.107***−0.173***−0.122***0.151***0.096***−0.160***0.127***0.182***1.000  
(0.000)(0.000)(0.000)(0.000)(0.000)(0.000)(0.000)(0.000)   
(10) GDPGrowth0.068***0.035*0.053***−0.133***0.142***−0.070***−0.0140.244***0.358***1.000 
(0.001)(0.081)(0.008)(0.000)(0.000)(0.000)(0.471)(0.000)(0.000)  
(11) HHI−0.024−0.048**0.028−0.203***0.158***0.241***−0.115***−0.021−0.012−0.0241.000
(0.233)(0.016)(0.157)(0.000)(0.000)(0.000)(0.000)(0.281)(0.530)(0.236) 

Note(s): Significance levels are indicated by ***, **, and * for the 1%, 5%, and 10% levels, respectively

Source(s): Authors’ calculations
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