Correlation matrix
| PERF1 | PERF2 | INVOP | SIZE | FAGE | FEMOWN | CONTROL | FOROWN | FINCRED | EXPORT | FINCONS | BUSRISK | CORP | EXTDEP | INNOV | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PERF1 | 1.000 | ||||||||||||||
| PERF2 | 0.249*** | 1.000 | |||||||||||||
| INVOP | 0.076*** | 0.095*** | 1.000 | ||||||||||||
| SIZE | 0.040*** | 0.060*** | 0.123*** | 1.000 | |||||||||||
| FAGE | −0.073*** | −0.158*** | −0.041*** | 0.208*** | 1.000 | ||||||||||
| FEMOWN | 0.017*** | −0.006 | −0.019*** | 0.055*** | 0.054*** | 1.000 | |||||||||
| CONTROL | −0.014*** | 0.026*** | 0.023*** | −0.158*** | −0.096*** | −0.150*** | 1.000 | ||||||||
| FOROWN | 0.016*** | 0.001 | 0.007 | 0.193*** | −0.004 | −0.038*** | 0.022*** | 1.000 | |||||||
| FINCRED | 0.010** | 0.005 | 0.020*** | 0.327*** | 0.133*** | 0.017*** | −0.106*** | 0.128*** | 1.000 | ||||||
| EXPORT | 0.023*** | 0.008 | 0.048*** | 0.311*** | 0.023*** | 0.031*** | −0.067*** | 0.213*** | 0.122*** | 1.000 | |||||
| FINCONS | −0.034*** | −0.013** | −0.134*** | −0.133*** | −0.043*** | −0.020*** | 0.027*** | −0.048*** | −0.071*** | −0.065*** | 1.000 | ||||
| BUSRISK | −0.024*** | −0.005 | −0.006 | −0.002 | −0.007 | −0.002 | 0.004 | 0.022*** | −0.001 | −0.002 | 0.012** | 1.000 | |||
| CORP | 0.038*** | −0.013** | −0.049*** | 0.267*** | 0.142*** | 0.167*** | −0.239*** | 0.143*** | 0.082*** | 0.148*** | −0.032*** | −0.006 | 1.000 | ||
| EXTDEP | 0.023*** | 0.012** | −0.084*** | 0.115*** | 0.061*** | 0.078*** | −0.085*** | −0.004 | 0.081*** | 0.072*** | 0.123*** | −0.000 | 0.163*** | 1.000 | |
| INNOV | 0.060*** | 0.026*** | 0.076*** | 0.515*** | 0.179*** | 0.095*** | −0.152*** | 0.173*** | 0.330*** | 0.248*** | −0.141*** | 0.003 | 0.313*** | 0.133*** | 1.000 |
| 1.000 | |||||||||||||||
| 0.249*** | 1.000 | ||||||||||||||
| 0.076*** | 0.095*** | 1.000 | |||||||||||||
| 0.040*** | 0.060*** | 0.123*** | 1.000 | ||||||||||||
| −0.073*** | −0.158*** | −0.041*** | 0.208*** | 1.000 | |||||||||||
| 0.017*** | −0.006 | −0.019*** | 0.055*** | 0.054*** | 1.000 | ||||||||||
| −0.014*** | 0.026*** | 0.023*** | −0.158*** | −0.096*** | −0.150*** | 1.000 | |||||||||
| 0.016*** | 0.001 | 0.007 | 0.193*** | −0.004 | −0.038*** | 0.022*** | 1.000 | ||||||||
| 0.010** | 0.005 | 0.020*** | 0.327*** | 0.133*** | 0.017*** | −0.106*** | 0.128*** | 1.000 | |||||||
| 0.023*** | 0.008 | 0.048*** | 0.311*** | 0.023*** | 0.031*** | −0.067*** | 0.213*** | 0.122*** | 1.000 | ||||||
| −0.034*** | −0.013** | −0.134*** | −0.133*** | −0.043*** | −0.020*** | 0.027*** | −0.048*** | −0.071*** | −0.065*** | 1.000 | |||||
| −0.024*** | −0.005 | −0.006 | −0.002 | −0.007 | −0.002 | 0.004 | 0.022*** | −0.001 | −0.002 | 0.012** | 1.000 | ||||
| 0.038*** | −0.013** | −0.049*** | 0.267*** | 0.142*** | 0.167*** | −0.239*** | 0.143*** | 0.082*** | 0.148*** | −0.032*** | −0.006 | 1.000 | |||
| 0.023*** | 0.012** | −0.084*** | 0.115*** | 0.061*** | 0.078*** | −0.085*** | −0.004 | 0.081*** | 0.072*** | 0.123*** | −0.000 | 0.163*** | 1.000 | ||
| 0.060*** | 0.026*** | 0.076*** | 0.515*** | 0.179*** | 0.095*** | −0.152*** | 0.173*** | 0.330*** | 0.248*** | −0.141*** | 0.003 | 0.313*** | 0.133*** | 1.000 |
Note(s): Superscript ***, **, and * represent statistical significance at the 1, 5, and 10% levels, respectively, two-tailed. Descriptions of variables are provided in Appendix
Source(s): Authors’ own work
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