Table A5 Correlation matrix 1 2 3 4 5 6...

Table A5

Correlation matrix

		1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18	19	20	21	22	23
1	FB Rate	1
2	FD Rate	0.22	1
3	FB Rate_t-1	0.12	0.06
4	FD Rate_t-1	0.12	0.06	1
5	RFB Rate_t-1	0.01	0.01	0.12
6	RFD Rate_t-1	0.06	0.00	0.25	1
7	UFB Rate_t-1	0.08	0.06	0.13	0.10
8	UFD Rate_t-1	0.04	0.02	0.08	0.03	1
9	IVFB	0.53	0.12	0.52	0.11	0.05
10	IVFD	0.01	0.02	0.03	0.04	0.34	1
11	IVRFB	0.11	0.64	0.09	0.05	0.03	0.04
12	IVRFD	0.06	0.04	0.10	0.05	0.33	0.18	1
13	FB Rate	NA	0.23	0.12	0.07	0.01	−0.01	0.08
14	FD Rate	0.03	0.02	0.04	0.06	0.17	0.26	0.52	1
15	FB Rate_t-1	0.54	0.14	0.15	0.11	0.06	0.04	0.10	0.07	1
16	FD Rate_t-1	0.10	0.59	0.08	0.06	0.03	0.05	0.07	0.05	0.30	1
17	RFB Rate_t-1	0.11	0.66	0.08	0.05	0.03	0.04	0.06	0.04	0.27	0.89	1
18	RFD Rate_t-1	0.11	0.66	0.08	0.05	0.03	0.04	0.06	0.04	0.27	0.89	1	1
19	UFB Rate_t-1	0.10	0.59	0.08	0.06	0.03	0.05	0.07	0.05	0.30	1	0.89	0.89	1
20	UFD Rate_t-1	0.10	0.59	0.08	0.06	0.03	0.05	0.07	0.05	0.30	1	0.89	0.89	1	1
21	Log of PD	0.04	0.03	0.04	0.05	0.19	0.21	0.49	0.50	0.10	0.08	0.07	0.07	0.08	0.08	1
22	HHi	−0.03	−0.02	−0.03	−0.04	−0.14	−0.16	−0.38	−0.43	−0.10	−0.08	−0.06	−0.06	−0.08	−0.08	−0.43	1
23	LQ	−0.05	−0.06	−0.05	−0.07	−0.02	−0.04	−0.01	−0.01	−0.08	−0.08	−0.08	−0.08	−0.08	−0.08	−0.04	0.02	1
24	RV	−0.02	0.01	−0.03	0.03	−0.12	0.00	0.01	−0.01	0.05	0.10	0.08	0.08	0.1	0.10	−0.05	0.04	−0.07	1
25	UV	0.04	0.03	0.03	0.03	0.16	0.15	0.42	0.31	0.09	0.07	0.06	0.06	0.07	0.07	0.53	−0.34	−0.03	−0.08	1
26	Log of Inc	0.04	0.03	0.04	0.04	0.20	0.18	0.52	0.44	0.12	0.10	0.08	0.08	0.10	0.10	0.70	−0.59	−0.03	−0.07	0.67	1
27	Log Av size	−0.14	−0.14	−0.12	−0.08	0.01	−0.01	0.06	0.08	−0.12	−0.11	−0.11	−0.11	−0.11	−0.11	0.15	−0.09	0.37	−0.04	0.07	0.13	1
28	Region	0.01	0.00	0.01	−0.01	0.02	0.01	0.04	−0.01	−0.03	−0.03	−0.02	−0.02	−0.03	−0.03	−0.21	0.12	0.01	0.02	−0.04	−0.12	−0.06	1
29	Year	0.04	0.02	−0.01	0.00	0.00	−0.04	0.01	−0.26	0.05	0.02	0.02	0.02	0.02	0.02	0.00	0.02	0.00	−0.02	0.27	0.15	0.02	0.00	1

Note(s): “FB” and “FD” can be read as “Firm Birth” and “Firm Death” respectively

“RFB” and “UFB” can be read as “Related Firm Birth” and “Unrelated Firm Birth”

“RFD” and “UFD” can be read as “Related Firm Death” and “Unrelated Firm Death”

“IV” can be read as “Instrumental Variable” meaning “IVFB”, for example, refers to the instrumental variable created for the Firm Birth Rate variable. The instrumental variables were created using Bartlett's three group method

Source(s): Author's own work

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