Table 3 Correlation matrix Variables (1)...

Table 3

Correlation matrix

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)	(21)	(22)	(23)
(1) Government ownership %	1.000
(2) Government ownership	0.830***	1.000
(3) Block government ownership (20%)	0.887***	0.848***	1.000
(4) Pyramid government ownership	0.220***	0.443***	0.306***	1.000
(5) Market conditions	−0.018*	−0.034**	−0.014*	−0.051***	1.000
(6) Control of corruption	−0.019*	−0.019*	−0.003*	−0.062***	0.355***	1.000
(7) Property rights	−0.090***	−0.023*	−0.043***	−0.001*	0.117***	0.273***	1.000
(8) Political constraints	−0.120***	−0.127***	−0.116***	−0.072***	−0.117***	−0.113***	−0.070***	1.000
(9) Power distance	0.078***	0.120***	0.096***	0.134***	−0.026*	−0.092***	−0.001*	0.102***	1.000
(10) Firm size	0.151***	0.178***	0.142***	0.045***	0.199***	0.138***	−0.063***	−0.191***	0.165***	1.000
(11) Firm age	0.048***	0.013	0.009	−0.040***	−0.178***	−0.172***	−0.168***	0.128***	0.033**	0.138***	1.000
(12) ROA	0.123***	0.107***	0.116***	−0.032**	0.027*	−0.027*	−0.068***	−0.077***	0.054***	0.144***	0.133***	1.000
(13) Tobin’s Q	0.053***	0.021	0.036**	−0.072***	0.050***	−0.040***	−0.077***	−0.117***	−0.108***	−0.211***	−0.008	0.294***	1.000
(14) GDP per capita	−0.003	0.072***	0.041***	0.064***	0.413***	0.329***	0.315***	−0.303***	0.469***	0.258***	−0.135***	0.030**	−0.020	1.000
(15) GPD growth	0.043***	0.042***	0.037***	−0.045***	0.329***	0.174***	−0.038***	−0.309***	−0.011	0.090***	−0.056***	0.054***	0.084***	0.125***	1.000
(16) Board size	0.007	0.074***	0.029**	0.040***	0.007	0.050***	−0.002	−0.174***	−0.069***	0.395***	0.109***	0.064***	−0.063***	0.011	0.062***	1.000
(17) Board independence	−0.003	0.007	−0.002	−0.016	0.268***	0.177***	0.002	−0.443***	−0.030**	0.017	−0.067***	0.036***	0.096***	0.246***	0.125***	0.047***	1.000
(18) Female board representation	0.025**	−0.002	0.007	0.003	−0.191***	−0.171***	−0.143***	0.125***	−0.038***	−0.022**	0.102***	0.025**	−0.038***	−0.197***	−0.025**	0.077***	−0.069***	1.000
(19) Board committees	0.035***	0.095***	0.042***	0.021*	0.257***	0.231***	0.083***	−0.374***	−0.069***	0.367***	0.047***	0.055***	−0.027**	0.239***	0.132***	0.380***	0.302***	−0.028	1.000
(20) Audit committee	0.049***	0.073***	0.054***	−0.025**	0.071***	0.145***	0.010	−0.375***	−0.045***	0.168***	0.041***	0.096***	0.004	0.082***	0.118***	0.241***	0.326***	−0.056***	0.719***	1.000
(21) Shareholders’ rights	0.056***	0.091***	0.062***	0.023**	0.217***	0.099***	0.006	−0.115***	0.105***	0.600***	0.049***	0.313***	−0.049***	0.239***	0.047***	0.230***	−0.001	−0.023**	0.215***	0.106***	1.000
(22) Revenue growth	−0.012	−0.009	−0.007	0.011	−0.018	−0.011	0.013	0.003	−0.006	−0.011	−0.016	−0.018	−0.014	−0.019*	−0.004	−0.015	−0.013	−0.005	−0.002	−0.003	−0.001	1.000
(23) Leverage ratio	0.019*	0.030**	0.016	0.040***	0.010	−0.004	−0.086***	−0.058***	−0.045***	0.347***	0.133***	−0.270***	−0.268***	−0.022**	0.038***	0.181***	−0.004	0.030**	0.152***	0.071***	0.260***	−0.013	1.000

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)	(21)	(22)	(23)
(1) Government ownership %	1.000
(2) Government ownership	0.830***	1.000
(3) Block government ownership (20%)	0.887***	0.848***	1.000
(4) Pyramid government ownership	0.220***	0.443***	0.306***	1.000
(5) Market conditions	−0.018*	−0.034**	−0.014*	−0.051***	1.000
(6) Control of corruption	−0.019*	−0.019*	−0.003*	−0.062***	0.355***	1.000
(7) Property rights	−0.090***	−0.023*	−0.043***	−0.001*	0.117***	0.273***	1.000
(8) Political constraints	−0.120***	−0.127***	−0.116***	−0.072***	−0.117***	−0.113***	−0.070***	1.000
(9) Power distance	0.078***	0.120***	0.096***	0.134***	−0.026*	−0.092***	−0.001*	0.102***	1.000
(10) Firm size	0.151***	0.178***	0.142***	0.045***	0.199***	0.138***	−0.063***	−0.191***	0.165***	1.000
(11) Firm age	0.048***	0.013	0.009	−0.040***	−0.178***	−0.172***	−0.168***	0.128***	0.033**	0.138***	1.000
(12) ROA	0.123***	0.107***	0.116***	−0.032**	0.027*	−0.027*	−0.068***	−0.077***	0.054***	0.144***	0.133***	1.000
(13) Tobin’s Q	0.053***	0.021	0.036**	−0.072***	0.050***	−0.040***	−0.077***	−0.117***	−0.108***	−0.211***	−0.008	0.294***	1.000
(14) GDP per capita	−0.003	0.072***	0.041***	0.064***	0.413***	0.329***	0.315***	−0.303***	0.469***	0.258***	−0.135***	0.030**	−0.020	1.000
(15) GPD growth	0.043***	0.042***	0.037***	−0.045***	0.329***	0.174***	−0.038***	−0.309***	−0.011	0.090***	−0.056***	0.054***	0.084***	0.125***	1.000
(16) Board size	0.007	0.074***	0.029**	0.040***	0.007	0.050***	−0.002	−0.174***	−0.069***	0.395***	0.109***	0.064***	−0.063***	0.011	0.062***	1.000
(17) Board independence	−0.003	0.007	−0.002	−0.016	0.268***	0.177***	0.002	−0.443***	−0.030**	0.017	−0.067***	0.036***	0.096***	0.246***	0.125***	0.047***	1.000
(18) Female board representation	0.025**	−0.002	0.007	0.003	−0.191***	−0.171***	−0.143***	0.125***	−0.038***	−0.022**	0.102***	0.025**	−0.038***	−0.197***	−0.025**	0.077***	−0.069***	1.000
(19) Board committees	0.035***	0.095***	0.042***	0.021*	0.257***	0.231***	0.083***	−0.374***	−0.069***	0.367***	0.047***	0.055***	−0.027**	0.239***	0.132***	0.380***	0.302***	−0.028	1.000
(20) Audit committee	0.049***	0.073***	0.054***	−0.025**	0.071***	0.145***	0.010	−0.375***	−0.045***	0.168***	0.041***	0.096***	0.004	0.082***	0.118***	0.241***	0.326***	−0.056***	0.719***	1.000
(21) Shareholders’ rights	0.056***	0.091***	0.062***	0.023**	0.217***	0.099***	0.006	−0.115***	0.105***	0.600***	0.049***	0.313***	−0.049***	0.239***	0.047***	0.230***	−0.001	−0.023**	0.215***	0.106***	1.000
(22) Revenue growth	−0.012	−0.009	−0.007	0.011	−0.018	−0.011	0.013	0.003	−0.006	−0.011	−0.016	−0.018	−0.014	−0.019*	−0.004	−0.015	−0.013	−0.005	−0.002	−0.003	−0.001	1.000
(23) Leverage ratio	0.019*	0.030**	0.016	0.040***	0.010	−0.004	−0.086***	−0.058***	−0.045***	0.347***	0.133***	−0.270***	−0.268***	−0.022**	0.038***	0.181***	−0.004	0.030**	0.152***	0.071***	0.260***	−0.013	1.000

Note(s): *p < 0.1, **p < 0.05 and ***p < 0.01

Source(s): Author’s own work

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