Table 3 Correlation matrix Variables VIF...

Table 3

Correlation matrix

Variables	VIF	(1)	(2)	(3)	(4)	(5)	(6)	(7)
(1) FSD Score	–	1
(2) Number of Forecasts	1.18	−0.086***	1
(3) Horizon	1.17	−0.030***	0.113***	1
(4) Specificity	1.00	−0.032***	0.100***	−0.001	1
(5) Precision	1.02	0.032***	0.373***	−0.01	0.037***	1
(6) Ln EPU	1.83	−0.030***	−0.023**	0.078***	−0.036***	−0.073***	1
(7) LnSize	1.23	−0.322***	0.305***	0.080***	0.339***	0.112***	0.101***	1
(8) Leverage	1.26	0.014***	0.072***	−0.017*	−0.045***	−0.007	0.036***	−0.141***
(9) MTB	1.04	−0.005	0.072***	−0.003	0.115***	0.099***	0.018***	0.190***
(10) ROA	1.65	−0.199***	0.133***	0.045***	0.237***	0.099***	0.019***	0.359***
(11) CFOA	1.27	−0.250***	0.155***	0.037***	0.152***	0.086***	0.005	0.355***
(12) Cash Volatility	1.40	0.171***	−0.108***	−0.034***	−0.147***	−0.066***	−0.057***	−0.328***
(13) Sales Volatility	1.26	0.125***	−0.119***	−0.063***	−0.134***	−0.070***	−0.069***	−0.374***
(14) INVZ	1.89	0.201***	−0.111***	−0.046***	−0.202***	−0.124***	−0.009**	−0.388***
(15) GDP Growth	1.88	0.001	0.026***	−0.029***	0.078***	0.077***	−0.404***	0.048***
(16) VIX	1.93	−0.002	−0.043***	0.022**	−0.063***	−0.062***	0.572***	−0.092***

Variables	VIF	(1)	(2)	(3)	(4)	(5)	(6)	(7)
(1) FSD Score	–	1
(2) Number of Forecasts	1.18	−0.086***	1
(3) Horizon	1.17	−0.030***	0.113***	1
(4) Specificity	1.00	−0.032***	0.100***	−0.001	1
(5) Precision	1.02	0.032***	0.373***	−0.01	0.037***	1
(6) Ln EPU	1.83	−0.030***	−0.023**	0.078***	−0.036***	−0.073***	1
(7) LnSize	1.23	−0.322***	0.305***	0.080***	0.339***	0.112***	0.101***	1
(8) Leverage	1.26	0.014***	0.072***	−0.017*	−0.045***	−0.007	0.036***	−0.141***
(9) MTB	1.04	−0.005	0.072***	−0.003	0.115***	0.099***	0.018***	0.190***
(10) ROA	1.65	−0.199***	0.133***	0.045***	0.237***	0.099***	0.019***	0.359***
(11) CFOA	1.27	−0.250***	0.155***	0.037***	0.152***	0.086***	0.005	0.355***
(12) Cash Volatility	1.40	0.171***	−0.108***	−0.034***	−0.147***	−0.066***	−0.057***	−0.328***
(13) Sales Volatility	1.26	0.125***	−0.119***	−0.063***	−0.134***	−0.070***	−0.069***	−0.374***
(14) INVZ	1.89	0.201***	−0.111***	−0.046***	−0.202***	−0.124***	−0.009**	−0.388***
(15) GDP Growth	1.88	0.001	0.026***	−0.029***	0.078***	0.077***	−0.404***	0.048***
(16) VIX	1.93	−0.002	−0.043***	0.022**	−0.063***	−0.062***	0.572***	−0.092***

Variables	(8)	(9)	(10)	(11)	(12)	(13)	(14)	(15)	(16)
(8) Leverage	1
(9) MTB	−0.127***	1
(10) ROA	−0.431***	0.089***	1
(11) CFOA	−0.301***	0.046***	0.762***	1
(12) Cash Volatility	0.339***	−0.059***	−0.570***	−0.468***	1
(13) Sales Volatility	0.188***	−0.059***	−0.343***	−0.221***	0.430***	1
(14) INVZ	0.479***	−0.120***	−0.746***	−0.643***	0.618***	0.361***	1
(15) GDP Growth	−0.004	0.032***	0.021***	−0.007*	0.007*	−0.017***	−0.009**	1
(16) VIX	0.004	−0.046***	−0.022***	0.016***	−0.001	0.039***	0.002	−0.669***	1

Variables	(8)	(9)	(10)	(11)	(12)	(13)	(14)	(15)	(16)
(8) Leverage	1
(9) MTB	−0.127***	1
(10) ROA	−0.431***	0.089***	1
(11) CFOA	−0.301***	0.046***	0.762***	1
(12) Cash Volatility	0.339***	−0.059***	−0.570***	−0.468***	1
(13) Sales Volatility	0.188***	−0.059***	−0.343***	−0.221***	0.430***	1
(14) INVZ	0.479***	−0.120***	−0.746***	−0.643***	0.618***	0.361***	1
(15) GDP Growth	−0.004	0.032***	0.021***	−0.007*	0.007*	−0.017***	−0.009**	1
(16) VIX	0.004	−0.046***	−0.022***	0.016***	−0.001	0.039***	0.002	−0.669***	1

Note(s): This table demonstrates the correlation matrix displaying the pairwise correlation coefficients among the variables. ***, **, and * denote levels of significance at 1%, 5%, and 10% respectively. All variables are defined in Appendix 1

Source(s): Authors’ own work

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