Table 2 Correlation matrix (1) (2) (3)... | Emerald Publishing

Table 2

Correlation matrix

		(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
(1)	${L i q u i d i t y}_{t + 1}$	1.000
(2)	${E s g D i s 1}_{t}$	0.063	1.000
(3)	${E s g D i s 2}_{t}$	0.105	0.991	1.000
(4)	${S i z e}_{t}$	0.573	0.083	0.143	1.000
(5)	${L e v e r a g e}_{t}$	0.123	0.033	0.050	0.457	1.000
(6)	${F i r m A g e}_{t}$	0.160	−0.040	−0.030	0.208	0.186	1.000
(7)	${C a s h}_{t}$	−0.051	0.005	−0.002	−0.170	−0.378	−0.203	1.000
(8)	${R O A}_{t}$	0.089	0.004	0.017	0.022	−0.373	−0.113	0.291	1.000
(9)	${M B}_{t}$	0.046	−0.011	−0.018	−0.401	−0.184	−0.016	0.036	0.082	1.000
(10)	${B o a r d}_{t}$	0.124	0.010	0.027	0.239	0.160	0.068	−0.070	−0.038	−0.086	1.000
(11)	${N u m I n d e p}_{t}$	0.014	0.003	0.001	−0.024	−0.039	−0.019	0.007	0.003	0.038	−0.242
(12)	${D u a l}_{t}$	−0.082	−0.020	−0.031	−0.163	−0.140	−0.101	0.072	0.031	0.054	−0.154
(13)	${S a l a r y}_{t}$	0.380	0.026	0.060	0.477	0.076	0.235	0.012	0.157	−0.100	0.076
(14)	${I O}_{t}$	−0.054	0.061	0.077	0.220	0.012	−0.124	0.065	0.156	−0.136	0.016
(15)	${B i g 4}_{t}$	0.188	0.035	0.057	0.347	0.099	0.027	−0.007	0.042	−0.074	0.093
(16)	${R e t}_{t}$	−0.166	0.007	0.005	−0.063	−0.015	−0.047	0.020	0.096	0.175	−0.001
(17)	${S i g m a}_{t}$	−0.181	−0.024	−0.033	−0.131	−0.026	−0.043	0.005	0.002	0.148	−0.030
(18)	${G d p G r o w t h}_{t}$	−0.003	0.056	0.059	−0.008	0.025	−0.210	0.042	0.089	−0.003	0.030

		(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)
(11)	${N u m I n d e p}_{t}$	1.000
(12)	${D u a l}_{t}$	0.100	1.000
(13)	${S a l a r y}_{t}$	0.008	−0.011	1.000
(14)	${I O}_{t}$	0.029	−0.050	0.013	1.000
(15)	${B i g 4}_{t}$	0.007	−0.053	0.232	0.170	1.000
(16)	${R e t}_{t}$	0.004	0.015	−0.035	0.018	−0.015	1.000
(17)	${S i g m a}_{t}$	0.014	0.055	−0.044	−0.020	−0.045	0.810	1.000
(18)	${G d p G r o w t h}_{t}$	−0.048	−0.045	−0.140	0.057	0.020	−0.037	−0.059	1.000

		(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)
(11)	${N u m I n d e p}_{t}$	1.000
(12)	${D u a l}_{t}$	0.100	1.000
(13)	${S a l a r y}_{t}$	0.008	−0.011	1.000
(14)	${I O}_{t}$	0.029	−0.050	0.013	1.000
(15)	${B i g 4}_{t}$	0.007	−0.053	0.232	0.170	1.000
(16)	${R e t}_{t}$	0.004	0.015	−0.035	0.018	−0.015	1.000
(17)	${S i g m a}_{t}$	0.014	0.055	−0.044	−0.020	−0.045	0.810	1.000
(18)	${G d p G r o w t h}_{t}$	−0.048	−0.045	−0.140	0.057	0.020	−0.037	−0.059	1.000

Note(s): Lower left corner presents the Pearson Correlation coefficient. The coefficient in italic indicates 0.1 significance levels