Table 5

Pairwise correlations

Variables(1)(2)(3)(4)(5)(6)(7)(8)(9)(10)
(1) Z-score (2000)1.000         
(2) DDBY0.8081.000        
(0.000)         
(3) E.PROD0.2400.1181.000       
(0.000)(0.000)        
(4) ASS.PROD0.3760.1940.8441.000      
(0.000)(0.000)(0.000)       
(5) Leverage−0.509−0.5210.090−0.0311.000     
(0.000)(0.000)(0.000)(0.123)      
(6) Size0.4290.5930.1380.188−0.3861.000    
(0.000)(0.000)(0.000)(0.000)(0.000)     
(7) Liquidity0.2030.2300.011−0.041−0.1950.1181.000   
(0.000)(0.000)(0.594)(0.038)(0.000)(0.000)    
(8) Loss−0.329−0.315−0.178−0.2550.469−0.378−0.1391.000  
(0.000)(0.000)(0.000)(0.000)(0.000)(0.000)(0.000)   
(9) Volatility−0.368−0.713−0.116−0.1250.414−0.567−0.1300.3031.000 
(0.000)(0.000)(0.000)(0.000)(0.000)(0.000)(0.000)(0.000)  
(10) Ln.AGE−0.0210.042−0.078−0.083−0.0240.1810.019−0.001−0.1031.000
(0.282)(0.033)(0.000)(0.000)(0.223)(0.000)(0.349)(0.951)(0.000) 
Source(s): Authors’ own
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