Table 2 Pearson correlation matrix (1)...

Table 2

Pearson correlation matrix

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
(1) BT_ Adoption	1.000
(2) AI	0.070***	1.000
(3) Compete	0.069***	−0.007	1.000
(4) Create	0.065***	0.016***	0.381***	1.000
(5) HHI	−0.019***	−0.009	−0.017***	−0.059***	1.000
(6) Subsidy	0.029***	0.041***	−0.096***	−0.099***	−0.014**	1.000
(7) DFI	0.115***	0.048***	0.045***	0.191***	0.004	−0.008	1.000
(8) Size	0.016***	0.072***	−0.373***	−0.125***	0.034***	0.248***	0.111***	1.000
(9) ROA	−0.057***	0.017***	0.136***	0.050***	−0.059***	0.050***	−0.036***	0.026***	1.000
(10) Cash	−0.023***	0.015**	0.006	−0.035***	0.002	0.067***	0.034***	0.080***	0.365***
(11) Growth	−0.023***	−0.004	0.090***	0.030***	−0.004	0.003	0.007	0.029***	0.215***
(12) Lev	−0.012*	0.008	−0.327***	−0.139***	0.049***	0.060***	0.040***	0.469***	−0.380***
(13) MTB	0.008	0.006	0.190***	0.058***	0.009	−0.120***	−0.053***	−0.419***	0.062***
(14) Netloss	0.051***	−0.017***	−0.078***	−0.027***	0.047***	−0.049***	0.063***	−0.068***	−0.689***
(15) Top1	−0.096***	−0.003	−0.059***	−0.014**	0.025***	0.052***	−0.085***	0.132***	0.200***
(16) Agescale	0.031***	0.008	−0.080***	0.051***	0.019***	−0.075***	0.320***	0.167***	−0.086***
(17) SOE	−0.050***	0.009	−0.284***	−0.203***	0.058***	0.040***	−0.012**	0.359***	−0.048***
(18) HTT	0.153***	0.080***	0.148***	0.102***	−0.199***	0.032***	0.020***	−0.159***	0.033***
(19) Big4	0.010	0.058***	−0.174***	−0.057***	0.045***	0.079***	0.043***	0.321***	0.046***

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
(1) BT_ Adoption	1.000
(2) AI	0.070***	1.000
(3) Compete	0.069***	−0.007	1.000
(4) Create	0.065***	0.016***	0.381***	1.000
(5) HHI	−0.019***	−0.009	−0.017***	−0.059***	1.000
(6) Subsidy	0.029***	0.041***	−0.096***	−0.099***	−0.014**	1.000
(7) DFI	0.115***	0.048***	0.045***	0.191***	0.004	−0.008	1.000
(8) Size	0.016***	0.072***	−0.373***	−0.125***	0.034***	0.248***	0.111***	1.000
(9) ROA	−0.057***	0.017***	0.136***	0.050***	−0.059***	0.050***	−0.036***	0.026***	1.000
(10) Cash	−0.023***	0.015**	0.006	−0.035***	0.002	0.067***	0.034***	0.080***	0.365***
(11) Growth	−0.023***	−0.004	0.090***	0.030***	−0.004	0.003	0.007	0.029***	0.215***
(12) Lev	−0.012*	0.008	−0.327***	−0.139***	0.049***	0.060***	0.040***	0.469***	−0.380***
(13) MTB	0.008	0.006	0.190***	0.058***	0.009	−0.120***	−0.053***	−0.419***	0.062***
(14) Netloss	0.051***	−0.017***	−0.078***	−0.027***	0.047***	−0.049***	0.063***	−0.068***	−0.689***
(15) Top1	−0.096***	−0.003	−0.059***	−0.014**	0.025***	0.052***	−0.085***	0.132***	0.200***
(16) Agescale	0.031***	0.008	−0.080***	0.051***	0.019***	−0.075***	0.320***	0.167***	−0.086***
(17) SOE	−0.050***	0.009	−0.284***	−0.203***	0.058***	0.040***	−0.012**	0.359***	−0.048***
(18) HTT	0.153***	0.080***	0.148***	0.102***	−0.199***	0.032***	0.020***	−0.159***	0.033***
(19) Big4	0.010	0.058***	−0.174***	−0.057***	0.045***	0.079***	0.043***	0.321***	0.046***

	(10)	(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)
(10) Cash	1.000
(11) Growth	0.016***	1.000
(12) Lev	−0.182***	0.009	1.000
(13) MTB	0.050***	0.048***	−0.206***	1.000
(14) Netloss	−0.215***	−0.181***	0.236***	0.049***	1.000
(15) Top1	0.133***	−0.002	−0.051***	−0.117***	−0.154***	1.000
(16) Agescale	−0.016***	−0.033***	0.172***	−0.037***	0.070***	−0.112***	1.000
(17) SOE	−0.002	−0.071***	0.252***	−0.142***	−0.008	0.119***	0.196***	1.000
(18) HTT	0.009	0.024***	−0.199***	0.195***	−0.006	−0.095***	−0.083***	−0.118***	1.000
(19) Big4	0.078***	−0.008	0.085***	−0.074***	−0.043***	0.122***	0.028***	0.131***	−0.042***	1.000

	(10)	(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)
(10) Cash	1.000
(11) Growth	0.016***	1.000
(12) Lev	−0.182***	0.009	1.000
(13) MTB	0.050***	0.048***	−0.206***	1.000
(14) Netloss	−0.215***	−0.181***	0.236***	0.049***	1.000
(15) Top1	0.133***	−0.002	−0.051***	−0.117***	−0.154***	1.000
(16) Agescale	−0.016***	−0.033***	0.172***	−0.037***	0.070***	−0.112***	1.000
(17) SOE	−0.002	−0.071***	0.252***	−0.142***	−0.008	0.119***	0.196***	1.000
(18) HTT	0.009	0.024***	−0.199***	0.195***	−0.006	−0.095***	−0.083***	−0.118***	1.000
(19) Big4	0.078***	−0.008	0.085***	−0.074***	−0.043***	0.122***	0.028***	0.131***	−0.042***	1.000

Note(s): *** indicates significance at the 1% level (p < 0.01); ** indicates significance at the 5% level (p < 0.05); * indicates significance at the 10% level (p < 0.1). Standard errors are adjusted for firm-level clustering. Variable definitions are presented in Appendix III

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