Table 5. Correlation analysis Variables...

Table 5.

Correlation analysis

Variables		(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)	(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)
IE	(1)	1.000
IED	(2)	0.729	1.000
GAPS	(3)	−0.006	−0.017	1.000
GAPU	(4)	0.000	−0.012	0.677	1.000
DIFEDU	(5)	−0.018	−0.016	0.047	0.039	1.000
DIFNAT	(6)	−0.005	0.001	0.013	0.070	0.009	1.000
DIFGEN	(7)	0.008	0.021	0.038	0.095	0.018	0.053	1.000
JONTENU	(8)	0.012	−0.009	−0.006	−0.113	0.134	0.001	−0.005	1.000
CHAIRAGE	(9)	0.012	−0.019	0.632	0.380	0.053	0.035	0.013	0.238	1.000
CHANGE1	(10)	−0.003	−0.005	0.013	0.028	0.004	0.015	0.018	−0.069	−0.014	1.000
TENURE1	(11)	0.023	−0.004	0.174	0.081	0.165	0.019	0.025	0.725	0.341	−0.010	1.000
CEOAGE	(12)	0.021	−0.001	−0.548	−0.406	0.001	0.027	−0.031	0.262	0.297	−0.030	0.155	1.000
CHANGE2	(13)	0.004	−0.004	−0.003	0.008	−0.006	0.004	0.015	−0.035	−0.012	0.173	−0.021	−0.009	1.000
TENURE2	(14)	0.030	0.001	−0.073	−0.099	0.117	0.001	0.003	0.858	0.194	−0.068	0.555	0.300	−0.003	1.000
BODSIZE	(15)	−0.001	−0.019	0.024	0.049	−0.003	−0.045	−0.057	−0.099	0.023	−0.022	−0.090	−0.003	−0.013	−0.055	1.000
BKTMK	(16)	0.044	0.012	0.032	0.051	0.027	−0.018	0.005	0.002	0.079	0.001	0.021	0.046	0.006	0.013	0.049	1.000
LEVER	(17)	−0.052	−0.023	−0.040	−0.018	−0.078	−0.036	−0.024	−0.115	−0.066	−0.002	−0.070	−0.021	0.014	−0.080	0.147	−0.379	1.000
FCF	(18)	0.063	0.031	0.015	0.023	0.011	0.023	−0.004	−0.009	0.043	0.002	−0.014	0.029	0.000	−0.007	0.021	0.080	−0.127	1.000
FSIZE	(19)	−0.038	−0.017	−0.007	−0.023	−0.031	−0.010	−0.021	0.049	0.158	0.019	0.127	0.181	0.024	0.092	0.192	0.133	0.395	−0.061	1.000
SDSALE	(20)	−0.067	−0.023	0.002	−0.013	−0.014	−0.004	−0.005	−0.067	−0.053	−0.013	−0.071	−0.061	0.004	−0.074	0.017	−0.150	0.145	−0.058	0.030	1.000
SALEGR	(21)	−0.100	−0.033	−0.004	−0.017	−0.001	0.005	0.001	−0.025	−0.043	−0.007	−0.036	−0.043	−0.003	−0.040	0.004	−0.113	0.041	−0.099	0.038	0.390	1.000
SOE%	(22)	−0.034	−0.018	−0.003	0.017	−0.053	−0.048	−0.044	−0.232	−0.071	−0.039	−0.280	−0.074	−0.014	−0.213	0.235	0.015	0.142	0.012	0.013	0.129	0.076	1.000
LOSS	(23)	0.017	−0.003	−0.019	−0.009	−0.029	−0.007	−0.021	−0.055	−0.056	0.010	−0.047	−0.037	0.010	−0.043	−0.030	−0.098	0.194	−0.040	−0.100	−0.058	−0.184	−0.016	1.000
Z-Score	(24)	0.046	0.050	0.006	−0.013	0.025	0.042	0.020	0.114	0.041	−0.002	0.080	0.037	−0.010	0.096	−0.146	−0.169	−0.615	0.094	−0.296	−0.008	−0.004	−0.162	−0.119	1.000
TANGI	(25)	0.055	0.043	0.027	0.040	−0.040	−0.026	−0.005	−0.076	−0.001	−0.020	−0.092	−0.034	−0.025	−0.057	0.071	−0.031	0.126	0.015	−0.018	0.020	−0.076	0.151	−0.011	−0.023	1.000
K-Structure	(26)	−0.027	0.023	−0.025	−0.017	−0.053	−0.021	−0.012	−0.079	0.004	0.002	−0.063	0.035	0.004	−0.050	0.135	−0.025	0.437	−0.120	0.469	−0.067	0.042	0.185	0.030	−0.257	0.044	1.000
MFE	(27)	0.054	0.040	−0.037	−0.027	−0.020	0.006	−0.004	−0.018	−0.091	−0.004	−0.033	−0.052	−0.001	−0.032	−0.083	−0.106	−0.145	−0.018	−0.299	−0.184	−0.144	−0.056	0.258	0.171	−0.109	−0.129	1.000
FIRMAGE	(28)	0.060	0.040	−0.037	−0.037	−0.137	0.018	0.036	0.151	0.143	0.045	0.214	0.202	0.033	0.198	−0.123	0.018	0.058	−0.029	0.251	−0.083	−0.072	−0.333	0.025	0.046	−0.114	0.077	−0.055	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)	(24)	(25)	(26)	(27)	(28)
IE	(1)	1.000
IED	(2)	0.729	1.000
GAPS	(3)	−0.006	−0.017	1.000
GAPU	(4)	0.000	−0.012	0.677	1.000
DIFEDU	(5)	−0.018	−0.016	0.047	0.039	1.000
DIFNAT	(6)	−0.005	0.001	0.013	0.070	0.009	1.000
DIFGEN	(7)	0.008	0.021	0.038	0.095	0.018	0.053	1.000
JONTENU	(8)	0.012	−0.009	−0.006	−0.113	0.134	0.001	−0.005	1.000
CHAIRAGE	(9)	0.012	−0.019	0.632	0.380	0.053	0.035	0.013	0.238	1.000
CHANGE1	(10)	−0.003	−0.005	0.013	0.028	0.004	0.015	0.018	−0.069	−0.014	1.000
TENURE1	(11)	0.023	−0.004	0.174	0.081	0.165	0.019	0.025	0.725	0.341	−0.010	1.000
CEOAGE	(12)	0.021	−0.001	−0.548	−0.406	0.001	0.027	−0.031	0.262	0.297	−0.030	0.155	1.000
CHANGE2	(13)	0.004	−0.004	−0.003	0.008	−0.006	0.004	0.015	−0.035	−0.012	0.173	−0.021	−0.009	1.000
TENURE2	(14)	0.030	0.001	−0.073	−0.099	0.117	0.001	0.003	0.858	0.194	−0.068	0.555	0.300	−0.003	1.000
BODSIZE	(15)	−0.001	−0.019	0.024	0.049	−0.003	−0.045	−0.057	−0.099	0.023	−0.022	−0.090	−0.003	−0.013	−0.055	1.000
BKTMK	(16)	0.044	0.012	0.032	0.051	0.027	−0.018	0.005	0.002	0.079	0.001	0.021	0.046	0.006	0.013	0.049	1.000
LEVER	(17)	−0.052	−0.023	−0.040	−0.018	−0.078	−0.036	−0.024	−0.115	−0.066	−0.002	−0.070	−0.021	0.014	−0.080	0.147	−0.379	1.000
FCF	(18)	0.063	0.031	0.015	0.023	0.011	0.023	−0.004	−0.009	0.043	0.002	−0.014	0.029	0.000	−0.007	0.021	0.080	−0.127	1.000
FSIZE	(19)	−0.038	−0.017	−0.007	−0.023	−0.031	−0.010	−0.021	0.049	0.158	0.019	0.127	0.181	0.024	0.092	0.192	0.133	0.395	−0.061	1.000
SDSALE	(20)	−0.067	−0.023	0.002	−0.013	−0.014	−0.004	−0.005	−0.067	−0.053	−0.013	−0.071	−0.061	0.004	−0.074	0.017	−0.150	0.145	−0.058	0.030	1.000
SALEGR	(21)	−0.100	−0.033	−0.004	−0.017	−0.001	0.005	0.001	−0.025	−0.043	−0.007	−0.036	−0.043	−0.003	−0.040	0.004	−0.113	0.041	−0.099	0.038	0.390	1.000
SOE%	(22)	−0.034	−0.018	−0.003	0.017	−0.053	−0.048	−0.044	−0.232	−0.071	−0.039	−0.280	−0.074	−0.014	−0.213	0.235	0.015	0.142	0.012	0.013	0.129	0.076	1.000
LOSS	(23)	0.017	−0.003	−0.019	−0.009	−0.029	−0.007	−0.021	−0.055	−0.056	0.010	−0.047	−0.037	0.010	−0.043	−0.030	−0.098	0.194	−0.040	−0.100	−0.058	−0.184	−0.016	1.000
Z-Score	(24)	0.046	0.050	0.006	−0.013	0.025	0.042	0.020	0.114	0.041	−0.002	0.080	0.037	−0.010	0.096	−0.146	−0.169	−0.615	0.094	−0.296	−0.008	−0.004	−0.162	−0.119	1.000
TANGI	(25)	0.055	0.043	0.027	0.040	−0.040	−0.026	−0.005	−0.076	−0.001	−0.020	−0.092	−0.034	−0.025	−0.057	0.071	−0.031	0.126	0.015	−0.018	0.020	−0.076	0.151	−0.011	−0.023	1.000
K-Structure	(26)	−0.027	0.023	−0.025	−0.017	−0.053	−0.021	−0.012	−0.079	0.004	0.002	−0.063	0.035	0.004	−0.050	0.135	−0.025	0.437	−0.120	0.469	−0.067	0.042	0.185	0.030	−0.257	0.044	1.000
MFE	(27)	0.054	0.040	−0.037	−0.027	−0.020	0.006	−0.004	−0.018	−0.091	−0.004	−0.033	−0.052	−0.001	−0.032	−0.083	−0.106	−0.145	−0.018	−0.299	−0.184	−0.144	−0.056	0.258	0.171	−0.109	−0.129	1.000
FIRMAGE	(28)	0.060	0.040	−0.037	−0.037	−0.137	0.018	0.036	0.151	0.143	0.045	0.214	0.202	0.033	0.198	−0.123	0.018	0.058	−0.029	0.251	−0.083	−0.072	−0.333	0.025	0.046	−0.114	0.077	−0.055	1.000

Note(s):

All variables are defined in Appendix. Boldface indicates significance at the 1% level. Italics refer to significance at the 5% level. This table reports the results of the pairwise correlations between the variables used in the baseline regression

Source(s): Authors’ calculations

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