Table 2 Pearson correlation Variable...

Table 2

Pearson correlation

Variable name	TQ	LEV	CG	Size	Age	TR	DPR	NDTS	M to BV	FAR	FCF	VIF	1/VIF
TQ	1
LEV	−0.06	1										1.01	0.98
CG	0.02	−0.001	1									1.07	0.93
Size	0.26	−0.12	0.10	1								1.28	0.77
Age	0.01	−0.02	0.03	0.15	1							1.06	0.94
TR	0.005	−0.02	0.01	−0.01	0.01	1						1.00	0.99
DPR	0.007	−0.002	−0.009	0.019	0.02	0.004	1					1.00	0.99
NDTS	0.06	0.11	0.19	−0.08	−0.02	0.003	0.003	1				1.05	0.95
M to BV	0.42	−0.06	−0.01	0.09	0.01	0.002	0.006	−0.006	1			1.07	0.93
FAR	0.20	0.47	0.05	−0.14	−0.01	−0.007	−0.001	0.24	−0.00	1		1.07	0.93
FCF	0.02	−0.08	0.06	0.26	0.04	0.04	−0.002	−0.01	0.01	−0.05	1	1.05	0.95

Variable name	TQ	LEV	CG	Size	Age	TR	DPR	NDTS	M to BV	FAR	FCF	VIF	1/VIF
TQ	1
LEV	−0.06	1										1.01	0.98
CG	0.02	−0.001	1									1.07	0.93
Size	0.26	−0.12	0.10	1								1.28	0.77
Age	0.01	−0.02	0.03	0.15	1							1.06	0.94
TR	0.005	−0.02	0.01	−0.01	0.01	1						1.00	0.99
DPR	0.007	−0.002	−0.009	0.019	0.02	0.004	1					1.00	0.99
NDTS	0.06	0.11	0.19	−0.08	−0.02	0.003	0.003	1				1.05	0.95
M to BV	0.42	−0.06	−0.01	0.09	0.01	0.002	0.006	−0.006	1			1.07	0.93
FAR	0.20	0.47	0.05	−0.14	−0.01	−0.007	−0.001	0.24	−0.00	1		1.07	0.93
FCF	0.02	−0.08	0.06	0.26	0.04	0.04	−0.002	−0.01	0.01	−0.05	1	1.05	0.95

Note(s): TQ = Tobin’s Q, LEV = Leverage, TR = Tax rate, DPR = Dividend payout ratio, NDTS = Nondebt tax Shields, M to BV = Market to book value ratio, FAR = Fixed asset ratio, FCF = Free cash flow ratio

Source(s): Authors’ own calculations

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