Table 2 Bivariate correlations of the... | Emerald Publishing

Table 2

Bivariate correlations of the main variables

	Ln EQUAL	MAJ_ TRIBE	MIN_ TRIBE	PARL	GOVT
LnEQUAL	1
MAJTRIBE	0.083**	1
MINTRIBE	0.016	−0.490***	1
PARL	0.166***	0.106***	0.222***	1
GOVT	0.011	0.023	0.034	0.395***	1
ROA	−0.259***	−0.038	−0.033	−0.012	−0.051
LEV	−0.149***	−0.027	0.114***	−0.097***	−0.036
M2B	−0.253***	−0.089***	−0.034	−0.03	−0.073**
GROW	−0.157***	0.005	−0.016	−0.065*	−0.017
AGE	−0.227***	−0.004	−0.064*	0.025	0.072**
Big4	−0.118***	0.092***	−0.074**	−0.005	0.035

	Ln EQUAL	MAJ_ TRIBE	MIN_ TRIBE	PARL	GOVT
LnEQUAL	1
MAJTRIBE	0.083**	1
MINTRIBE	0.016	−0.490***	1
PARL	0.166***	0.106***	0.222***	1
GOVT	0.011	0.023	0.034	0.395***	1
ROA	−0.259***	−0.038	−0.033	−0.012	−0.051
LEV	−0.149***	−0.027	0.114***	−0.097***	−0.036
M2B	−0.253***	−0.089***	−0.034	−0.03	−0.073**
GROW	−0.157***	0.005	−0.016	−0.065*	−0.017
AGE	−0.227***	−0.004	−0.064*	0.025	0.072**
Big4	−0.118***	0.092***	−0.074**	−0.005	0.035

	ROA	LEV	M2B	GROW	AGE	Big4
ROA	1
LEV	−0.386***	1
M2B	0.295***	0.063*	1
GROW	0.414***	−0.106***	−0.140***	1
AGE	0.116***	−0.090***	−0.013	0.168***	1
Big4	0.184***	−0.419***	0.04	0.222***	0.154***	1

	ROA	LEV	M2B	GROW	AGE	Big4
ROA	1
LEV	−0.386***	1
M2B	0.295***	0.063*	1
GROW	0.414***	−0.106***	−0.140***	1
AGE	0.116***	−0.090***	−0.013	0.168***	1
Big4	0.184***	−0.419***	0.04	0.222***	0.154***	1

Note(s): N = 870. Significant at *p < 0.10, **p < 0.05, ***p < 0.01. Refer to Appendix 1 for variable definitions