Table 3

Correlation matrix

PERF1PERF2INVOPSIZEFAGEFEMOWNCONTROLFOROWNFINCREDEXPORTFINCONSBUSRISKCORPEXTDEPINNOV
PERF11.000              
PERF20.249***1.000             
INVOP0.076***0.095***1.000            
SIZE0.040***0.060***0.123***1.000           
FAGE−0.073***−0.158***−0.041***0.208***1.000          
FEMOWN0.017***−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        
FOROWN0.016***0.0010.0070.193***−0.004−0.038***0.022***1.000       
FINCRED0.010**0.0050.020***0.327***0.133***0.017***−0.106***0.128***1.000      
EXPORT0.023***0.0080.048***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***−0.005−0.006−0.002−0.007−0.0020.0040.022***−0.001−0.0020.012**1.000   
CORP0.038***−0.013**−0.049***0.267***0.142***0.167***−0.239***0.143***0.082***0.148***−0.032***−0.0061.000  
EXTDEP0.023***0.012**−0.084***0.115***0.061***0.078***−0.085***−0.0040.081***0.072***0.123***−0.0000.163***1.000 
INNOV0.060***0.026***0.076***0.515***0.179***0.095***−0.152***0.173***0.330***0.248***−0.141***0.0030.313***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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