Table 2 Correlation matrix Syn...

Table 2

Correlation matrix

	Syn	Divergence	Size	Lev	ROE	Top1	INST	Volatility	Volume	HHI	SOE
Syn	1	0.052***	0.288***	0.085***	0.055***	0.102***	0.153***	−0.171***	0.117***	0.062***	0.231***
Divergence	0.056***	1	0.045***	−0.003	0.026***	0.038***	0.020***	−0.026***	−0.003	−0.006	0.022***
Size	0.284***	0.011	1	0.498***	0.092***	0.203***	0.455***	−0.207***	0.531***	0.193***	0.374***
Lev	0.068***	−0.007	0.479***	1	−0.070***	0.054***	0.194***	−0.018***	0.297***	0.183***	0.260***
ROE	0.027***	0.011*	0.011*	−0.058***	1	0.155***	0.170***	−0.037***	−0.129***	−0.033***	−0.027***
Top1	0.107***	0.037***	0.240***	0.057***	0.026***	1	0.407***	−0.108***	−0.123***	0.175***	0.290***
INST	0.147***	−0.001	0.456***	0.189***	0.022***	0.397***	1	−0.129***	0.098***	0.167***	0.393***
Volatility	−0.198***	−0.018***	−0.179***	−0.000	−0.007	−0.085***	−0.111***	1	0.183***	−0.069***	−0.154***
Volume	0.108***	−0.018***	0.545***	0.303***	−0.017**	−0.104***	0.109***	0.182***	1	0.109***	0.184***
HHI	0.026***	−0.010	0.126***	0.076***	−0.002	0.109***	0.104***	−0.044***	0.087***	1	0.219***
SOE	0.219***	0.015**	0.372***	0.257***	0.008	0.290***	0.391***	−0.117***	0.192***	0.163***	1

	Syn	Divergence	Size	Lev	ROE	Top1	INST	Volatility	Volume	HHI	SOE
Syn	1	0.052***	0.288***	0.085***	0.055***	0.102***	0.153***	−0.171***	0.117***	0.062***	0.231***
Divergence	0.056***	1	0.045***	−0.003	0.026***	0.038***	0.020***	−0.026***	−0.003	−0.006	0.022***
Size	0.284***	0.011	1	0.498***	0.092***	0.203***	0.455***	−0.207***	0.531***	0.193***	0.374***
Lev	0.068***	−0.007	0.479***	1	−0.070***	0.054***	0.194***	−0.018***	0.297***	0.183***	0.260***
ROE	0.027***	0.011*	0.011*	−0.058***	1	0.155***	0.170***	−0.037***	−0.129***	−0.033***	−0.027***
Top1	0.107***	0.037***	0.240***	0.057***	0.026***	1	0.407***	−0.108***	−0.123***	0.175***	0.290***
INST	0.147***	−0.001	0.456***	0.189***	0.022***	0.397***	1	−0.129***	0.098***	0.167***	0.393***
Volatility	−0.198***	−0.018***	−0.179***	−0.000	−0.007	−0.085***	−0.111***	1	0.183***	−0.069***	−0.154***
Volume	0.108***	−0.018***	0.545***	0.303***	−0.017**	−0.104***	0.109***	0.182***	1	0.109***	0.184***
HHI	0.026***	−0.010	0.126***	0.076***	−0.002	0.109***	0.104***	−0.044***	0.087***	1	0.219***
SOE	0.219***	0.015**	0.372***	0.257***	0.008	0.290***	0.391***	−0.117***	0.192***	0.163***	1

Note(s): This table displays the correlation matrix for the primary variables used in this study. The Pearson correlation coefficients are shown in the upper triangle, and the Spearman correlation coefficients are presented in the lower triangle. See Appendix A for variable definitions. Significance levels are indicated by ***, ** and * for the 1%, 5% and 10% levels, respectively

Source(s): Authors’ own work

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