Table 2 Pairwise correlations Variables... | Emerald Publishing

Table 2

Pairwise correlations

Variables	INV_INEFF	GPR	CGI	TANG	SIZE	ROA	LEVE	CASH	SLACK	Ln_OC	ROE	CFO	Ln_Age	GDP_GRO	TOBINSQ
INV_INEFF	1.000
GPR	0.023***	1.000
CGI	−0.073***	−0.206***	1.000
TANG	0.339***	−0.020***	−0.132***	1.000
SIZE	−0.050***	−0.020***	0.173***	0.131***	1.000
ROA	0.119***	0.043***	0.108***	0.030***	0.075***	1.000
LEVE	0.267***	−0.019***	−0.183***	0.361***	0.087***	−0.276***	1.000
CASH	0.081***	0.014***	0.095***	−0.169***	0.105***	0.360***	−0.244***	1.000
SLACK	0.013**	0.002	−0.044***	−0.295***	−0.019***	0.079***	−0.132***	0.400***	1.000
Ln_OC	−0.036***	−0.008	−0.043***	−0.171***	0.011**	−0.170***	0.058***	−0.160***	−0.048***	1.000
ROE	0.036***	0.024***	0.047***	0.006	0.049***	0.409***	−0.036***	0.127***	0.030***	−0.095***	1.000
CFO	0.021***	0.002	0.114***	0.181***	0.145***	0.324***	−0.187***	0.155***	−0.015***	−0.222***	0.158***	1.000
Ln_Age	−0.120***	0.012**	0.101***	−0.007	0.141***	0.025***	−0.135***	0.015***	−0.031***	−0.003	0.009*	0.092***	1.000
GDP_GRO	0.037***	0.352***	0.011	0.023***	−0.041***	0.079***	0.030***	0.016***	0.006	−0.026***	0.051***	−0.029***	−0.034***	1.000
TOBINSQ	−0.042***	0.079***	−0.236***	−0.032***	0.396***	0.206***	−0.119***	0.201***	0.011**	−0.069***	0.108***	0.183***	0.215***	−0.001	1.000

Variables	INV_INEFF	GPR	CGI	TANG	SIZE	ROA	LEVE	CASH	SLACK	Ln_OC	ROE	CFO	Ln_Age	GDP_GRO	TOBINSQ
INV_INEFF	1.000
GPR	0.023***	1.000
CGI	−0.073***	−0.206***	1.000
TANG	0.339***	−0.020***	−0.132***	1.000
SIZE	−0.050***	−0.020***	0.173***	0.131***	1.000
ROA	0.119***	0.043***	0.108***	0.030***	0.075***	1.000
LEVE	0.267***	−0.019***	−0.183***	0.361***	0.087***	−0.276***	1.000
CASH	0.081***	0.014***	0.095***	−0.169***	0.105***	0.360***	−0.244***	1.000
SLACK	0.013**	0.002	−0.044***	−0.295***	−0.019***	0.079***	−0.132***	0.400***	1.000
Ln_OC	−0.036***	−0.008	−0.043***	−0.171***	0.011**	−0.170***	0.058***	−0.160***	−0.048***	1.000
ROE	0.036***	0.024***	0.047***	0.006	0.049***	0.409***	−0.036***	0.127***	0.030***	−0.095***	1.000
CFO	0.021***	0.002	0.114***	0.181***	0.145***	0.324***	−0.187***	0.155***	−0.015***	−0.222***	0.158***	1.000
Ln_Age	−0.120***	0.012**	0.101***	−0.007	0.141***	0.025***	−0.135***	0.015***	−0.031***	−0.003	0.009*	0.092***	1.000
GDP_GRO	0.037***	0.352***	0.011	0.023***	−0.041***	0.079***	0.030***	0.016***	0.006	−0.026***	0.051***	−0.029***	−0.034***	1.000
TOBINSQ	−0.042***	0.079***	−0.236***	−0.032***	0.396***	0.206***	−0.119***	0.201***	0.011**	−0.069***	0.108***	0.183***	0.215***	−0.001	1.000

Note(s): (1) The measurement of the variables is in Appendix Table A1. (2) *, **, and *** indicate significance levels of 10%, 5%, and 1%, respectively

Source(s): Authors own work