Table 3

Matrix correlation

VariablesResponseSIZEROABETACASHLEVAGE
RESPONSE1.0000      
SIZE0.1618***1.0000     
ROA−0.0590***0.0776***1.0000    
BETA−0.0596***0.0703***0.0265**1.0000   
CASH0.1253***−0.00800.3134***0.01411.0000  
LEV0.2999***0.2167***−0.2538***0.0786***−0.1539***1.0000 
AGE0.00830.1038***0.01350.00920.0742***0.1594***1.0000

Note(s): *, ** and *** indicate significant values at 1%, 5% and 10%, respectively

Source(s): Authors’ own work

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