Table 2 Correlation matrix (Spearman) 1...

Table 2

Correlation matrix (Spearman)

		1	2	3	4	5	6	7	8	9	10	11
1	FPMGL
2	Non-FPMGL	0.246**
3	FixedAssets	0.200**	0.216**
4	NoComp	0.192**	0.220**	0.499**
5	EquityRatio	0.078	0.087	−0.077	0.328**
6	CostSlack	−0.017	−0.064	0.018	−0.166**	−0.400**
7	CostStructure	0.026	−0.116*	−0.209**	−0.374**	−0.214**	0.029
8	EconActivity	0.060	0.212**	0.200**	0.404**	0.260**	−0.033	−0.183**
9	IncomeIneq	0.078	0.120*	0.123*	0.291**	0.243**	−0.453**	0.036	0.068
10	CarbEm	−0.055	−0.100†	−0.135*	−0.225**	−0.176**	0.321**	0.256**	0.022	−0.461**
11	TaxL	−0.036	−0.124*	−0.018	−0.223**	−0.498**	0.614**	0.258**	−0.008	−0.587**	0.418**
12	MinRule	−0.031	0.173**	0.111	0.160**	0.131*	−0.102	−0.113	0.096	0.178**	−0.067	−0.219**

		1	2	3	4	5	6	7	8	9	10	11
1	FPMGL
2	Non-FPMGL	0.246**
3	FixedAssets	0.200**	0.216**
4	NoComp	0.192**	0.220**	0.499**
5	EquityRatio	0.078	0.087	−0.077	0.328**
6	CostSlack	−0.017	−0.064	0.018	−0.166**	−0.400**
7	CostStructure	0.026	−0.116*	−0.209**	−0.374**	−0.214**	0.029
8	EconActivity	0.060	0.212**	0.200**	0.404**	0.260**	−0.033	−0.183**
9	IncomeIneq	0.078	0.120*	0.123*	0.291**	0.243**	−0.453**	0.036	0.068
10	CarbEm	−0.055	−0.100†	−0.135*	−0.225**	−0.176**	0.321**	0.256**	0.022	−0.461**
11	TaxL	−0.036	−0.124*	−0.018	−0.223**	−0.498**	0.614**	0.258**	−0.008	−0.587**	0.418**
12	MinRule	−0.031	0.173**	0.111	0.160**	0.131*	−0.102	−0.113	0.096	0.178**	−0.067	−0.219**

Note(s): Spearman correlations are presented for all variables used in the regression analysis, except regions. All regions have been analysed, but not included in the table. * Correlation is significant at the 0.05 level (two-tailed). ** Correlation is significant at the 0.01 level (two-tailed). † Correlation is significant at the 0.10 level

Source(s): Author’s own work

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