Table 3 Pearson correlation matrix (N =...

Table 3

Pearson correlation matrix (N = 1480)

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)
(1) TRNSP1	1
(2) TRNSP2	0.912***	1
(3) TRNSP3	0.893***	0.992***	1
(4) TRNSP4	0.168***	0.180***	0.172***	1
(5) TRNSP5	0.161***	0.176***	0.170***	0.942***	1
(6) CORPCULTURE	0.200***	0.230***	0.210***	0.391***	0.345***	1
(7) ACSIZE	0.058**	0.064**	0.053**	0.066***	0.044*	0.174***	1
(8) ACIND	0.056**	0.066**	0.065**	0.070***	0.082***	0.083***	0.620***	1
(9) ACFEXPRT	0.045*	0.044*	0.041	0.025	0.042*	0.059**	0.438***	0.250***	1
(10) INSTOWN	0.170***	0.137***	0.121***	0.006	−0.012	0.254***	0.003	−0.070***	−0.036	1
(11) BDINDEP	0.014	0.003	0.003	−0.019	−0.012	−0.109***	−0.083***	−0.022	−0.006	−0.030	1
(12) BDSIZE	−0.024	−0.017	−0.014	−0.067***	−0.075***	−0.007	−0.003	0.012	−0.016	−0.121***	0.109***	1
(13) AUDOPN	0.037	0.047*	0.048*	−0.018	−0.010	−0.069***	−0.096***	−0.046*	−0.043*	−0.166***	−0.042*	−0.040	1
(14) AUDTEN	0.010	0.016	0.014	−0.042*	−0.050**	0.097***	0.007	−0.061**	−0.036	0.147***	−0.191***	−0.058**	0.027
(15) AQ	0.030	0.019	0.022	−0.017	−0.021	0.029	−0.010	−0.015	0.058**	0.029	0.032	0.028	−0.011
(16) MB	0.016	0.006	0.004	0.050**	0.060**	−0.026	0.229***	0.173***	0.086***	−0.049**	−0.027	−0.035	−0.131***
(17) ROA	0.061**	0.032	0.021	0.029	0.025	0.074***	0.088***	−0.018	0.067***	0.079***	0.096***	0.008	−0.271***
(18) INVREC	−0.044*	−0.038	−0.046*	−0.012	−0.002	−0.045*	0.023	0.039	−0.032	−0.071***	−0.136***	−0.076***	−0.043*
(19) DEBTRATIO	0.001	0.028	0.020	0.052**	0.036	0.054**	−0.120***	−0.083***	−0.093***	0.098***	−0.151***	−0.029	0.118***
(20) INVEST	0.034	0.025	0.022	0.024	0.010	−0.020	0.063**	0.012	0.033	−0.072***	0.137***	−0.012	−0.068***
(21) STDSALE	−0.037	−0.021	−0.021	−0.038	−0.037	−0.010	0.134***	0.026	0.048*	0.014	−0.064**	−0.038	−0.145***
(22) STDOCF	0.036	0.028	0.028	−0.012	−0.032	−0.035	0.111***	0.044*	0.032	0.000	−0.009	0.001	−0.059**
(23) AGE	−0.021	−0.014	−0.016	0.045*	0.047*	0.003	0.111***	0.107***	0.086***	−0.200***	−0.106***	−0.009	0.042*
(24) FINANCING	0.113***	0.100***	0.098***	0.059**	0.055**	0.139***	0.010	0.026	0.000	−0.010	0.033	−0.079***	0.092***
(25) ZMJSCORE	−0.007	0.004	0.004	−0.002	−0.020	0.069***	−0.113***	−0.072***	−0.061**	0.106***	−0.217***	−0.033	0.201***

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)
(1) TRNSP1	1
(2) TRNSP2	0.912***	1
(3) TRNSP3	0.893***	0.992***	1
(4) TRNSP4	0.168***	0.180***	0.172***	1
(5) TRNSP5	0.161***	0.176***	0.170***	0.942***	1
(6) CORPCULTURE	0.200***	0.230***	0.210***	0.391***	0.345***	1
(7) ACSIZE	0.058**	0.064**	0.053**	0.066***	0.044*	0.174***	1
(8) ACIND	0.056**	0.066**	0.065**	0.070***	0.082***	0.083***	0.620***	1
(9) ACFEXPRT	0.045*	0.044*	0.041	0.025	0.042*	0.059**	0.438***	0.250***	1
(10) INSTOWN	0.170***	0.137***	0.121***	0.006	−0.012	0.254***	0.003	−0.070***	−0.036	1
(11) BDINDEP	0.014	0.003	0.003	−0.019	−0.012	−0.109***	−0.083***	−0.022	−0.006	−0.030	1
(12) BDSIZE	−0.024	−0.017	−0.014	−0.067***	−0.075***	−0.007	−0.003	0.012	−0.016	−0.121***	0.109***	1
(13) AUDOPN	0.037	0.047*	0.048*	−0.018	−0.010	−0.069***	−0.096***	−0.046*	−0.043*	−0.166***	−0.042*	−0.040	1
(14) AUDTEN	0.010	0.016	0.014	−0.042*	−0.050**	0.097***	0.007	−0.061**	−0.036	0.147***	−0.191***	−0.058**	0.027
(15) AQ	0.030	0.019	0.022	−0.017	−0.021	0.029	−0.010	−0.015	0.058**	0.029	0.032	0.028	−0.011
(16) MB	0.016	0.006	0.004	0.050**	0.060**	−0.026	0.229***	0.173***	0.086***	−0.049**	−0.027	−0.035	−0.131***
(17) ROA	0.061**	0.032	0.021	0.029	0.025	0.074***	0.088***	−0.018	0.067***	0.079***	0.096***	0.008	−0.271***
(18) INVREC	−0.044*	−0.038	−0.046*	−0.012	−0.002	−0.045*	0.023	0.039	−0.032	−0.071***	−0.136***	−0.076***	−0.043*
(19) DEBTRATIO	0.001	0.028	0.020	0.052**	0.036	0.054**	−0.120***	−0.083***	−0.093***	0.098***	−0.151***	−0.029	0.118***
(20) INVEST	0.034	0.025	0.022	0.024	0.010	−0.020	0.063**	0.012	0.033	−0.072***	0.137***	−0.012	−0.068***
(21) STDSALE	−0.037	−0.021	−0.021	−0.038	−0.037	−0.010	0.134***	0.026	0.048*	0.014	−0.064**	−0.038	−0.145***
(22) STDOCF	0.036	0.028	0.028	−0.012	−0.032	−0.035	0.111***	0.044*	0.032	0.000	−0.009	0.001	−0.059**
(23) AGE	−0.021	−0.014	−0.016	0.045*	0.047*	0.003	0.111***	0.107***	0.086***	−0.200***	−0.106***	−0.009	0.042*
(24) FINANCING	0.113***	0.100***	0.098***	0.059**	0.055**	0.139***	0.010	0.026	0.000	−0.010	0.033	−0.079***	0.092***
(25) ZMJSCORE	−0.007	0.004	0.004	−0.002	−0.020	0.069***	−0.113***	−0.072***	−0.061**	0.106***	−0.217***	−0.033	0.201***

Variables	(14)	(15)	(16)	(17)	(18)	(19)	(20)	(21)	(22)	(23)	(24)	(25)
(14) AUDTEN	1
(15) AQ	−0.071***	1
(16) MB	−0.026	0.026	1
(17) ROA	−0.048*	0.040	0.163***	1
(18) INVREC	0.051**	0.001	0.043*	0.028	1
(19) DEBTRATIO	0.149***	−0.015	0.208***	−0.271***	0.136***	1
(20) INVEST	−0.093***	0.027	0.056**	0.309***	−0.329***	−0.287***	1
(21) STDSALE	−0.029	−0.014	0.256***	0.265***	0.046*	0.028	0.038	1
(22) STDOCF	0.003	0.065***	0.172***	0.245***	−0.115***	−0.069***	0.297***	0.277***	1
(23) AGE	0.085***	−0.041	0.111***	−0.040	0.086***	0.036	0.013	−0.025	−0.009	1
(24) FINANCING	0.044*	−0.009	−0.070***	0.063**	−0.197***	−0.167***	0.149***	−0.139***	0.021	0.027	1
(25) ZMJSCORE	0.166***	−0.058**	−0.095***	−0.630***	0.150***	0.522***	−0.520***	−0.083***	−0.125***	0.033	−0.169***	1

Variables	(14)	(15)	(16)	(17)	(18)	(19)	(20)	(21)	(22)	(23)	(24)	(25)
(14) AUDTEN	1
(15) AQ	−0.071***	1
(16) MB	−0.026	0.026	1
(17) ROA	−0.048*	0.040	0.163***	1
(18) INVREC	0.051**	0.001	0.043*	0.028	1
(19) DEBTRATIO	0.149***	−0.015	0.208***	−0.271***	0.136***	1
(20) INVEST	−0.093***	0.027	0.056**	0.309***	−0.329***	−0.287***	1
(21) STDSALE	−0.029	−0.014	0.256***	0.265***	0.046*	0.028	0.038	1
(22) STDOCF	0.003	0.065***	0.172***	0.245***	−0.115***	−0.069***	0.297***	0.277***	1
(23) AGE	0.085***	−0.041	0.111***	−0.040	0.086***	0.036	0.013	−0.025	−0.009	1
(24) FINANCING	0.044*	−0.009	−0.070***	0.063**	−0.197***	−0.167***	0.149***	−0.139***	0.021	0.027	1
(25) ZMJSCORE	0.166***	−0.058**	−0.095***	−0.630***	0.150***	0.522***	−0.520***	−0.083***	−0.125***	0.033	−0.169***	1

Note(s): The correlation coefficients are annotated to indicate the statistical significance of the correlations, with *** denoting significance at the 1% level, ** at the 5% level, and * at the 10% level. The definitions of variables are as specified in the Appendix 3

Source(s): Table created by author

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