Table A1 Correlations between proxies of...

Table A1

Correlations between proxies of firm size

		Number of employees	Cash flow [net income before D&A] th EUR	Operating profit (loss) [EBIT] th EUR	EBITDA th EUR	P/L for period [ = Net income] th EUR	P/L before tax th EUR	Sales th EUR	Shareholders funds th EUR	Total assets th EUR	Operating revenue (turnover) EUR
Number of employees	Pearson Correlation	–
Number of employees	N	15,952
Cash flow [Net Income before D&A] th EUR	Pearson Correlation	0.229^**	–
	Sig. (2-tailed)	0.000
	N	6,981	6,981
Operating profit (loss) [EBIT] th EUR	Pearson Correlation	0.169^**	0.879^**	–
	Sig. (2-tailed)	0.000	0.000
	N	14,732	6,951	14,733
EBITDA th EUR	Pearson Correlation	0.247^**	0.945^**	0.957^**	–
	Sig. (2-tailed)	0.000	0.000	0.000
	N	13,695	6,971	13,661	13,695
P/L for period [ = Net income] th EUR	Pearson Correlation	0.123^**	0.929^**	0.601^**	0.909^**	–
	Sig. (2-tailed)	0.000	0.000	0.000	0.000
	N	14,699	6,946	14,621	13,631	14,700
P/L before tax th EUR	Pearson Correlation	0.135^**	0.926^**	0.640^**	0.920^**	0.996^**	–
	Sig. (2-tailed)	0.000	0.000	0.000	0.000	0.000
	N	14,682	6,930	14,622	13,617	14,681	14,683
Sales th EUR	Pearson Correlation	0.517^**	0.452^**	0.437^**	0.493^**	0.292^**	0.314^**	–
	Sig. (2-tailed)	0.000	0.000	0.000	0.000	0.000	0.000
	N	15,273	6,966	14,415	13,501	14,390	14,376	15,274
Shareholders funds th EUR	Pearson Correlation	0.320^**	0.598^**	0.505^**	0.571^**	0.368^**	0.392^**	0.477^**	–
	Sig. (2-tailed)	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	N	15,952	6,981	14,733	13,695	14,700	14,683	15,274	15,953
Total assets th EUR	Pearson Correlation	0.415^**	0.556^**	0.426^**	0.533^**	0.331^**	0.355^**	0.585^**	0.844^**	–
	Sig. (2-tailed)	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	N	15,952	6,981	14,732	13,695	14,699	14,682	15,273	15,952	15,952
Operating revenue (Turnover) EUR	Pearson Correlation	0.508^**	0.476^**	0.454^**	0.514^**	0.306^**	0.329^**	0.992^**	0.508^**	0.617^**	–
	Sig. (2-tailed)	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	N	15,952	6,981	14,733	13,695	14,700	14,683	15,274	15,953	15,952	15,953

		Number of employees	Cash flow [net income before D&A] th EUR	Operating profit (loss) [EBIT] th EUR	EBITDA th EUR	P/L for period [ = Net income] th EUR	P/L before tax th EUR	Sales th EUR	Shareholders funds th EUR	Total assets th EUR	Operating revenue (turnover) EUR
Number of employees	Pearson Correlation	–
Number of employees	N	15,952
Cash flow [Net Income before D&A] th EUR	Pearson Correlation	0.229^**	–
	Sig. (2-tailed)	0.000
	N	6,981	6,981
Operating profit (loss) [EBIT] th EUR	Pearson Correlation	0.169^**	0.879^**	–
	Sig. (2-tailed)	0.000	0.000
	N	14,732	6,951	14,733
EBITDA th EUR	Pearson Correlation	0.247^**	0.945^**	0.957^**	–
	Sig. (2-tailed)	0.000	0.000	0.000
	N	13,695	6,971	13,661	13,695
P/L for period [ = Net income] th EUR	Pearson Correlation	0.123^**	0.929^**	0.601^**	0.909^**	–
	Sig. (2-tailed)	0.000	0.000	0.000	0.000
	N	14,699	6,946	14,621	13,631	14,700
P/L before tax th EUR	Pearson Correlation	0.135^**	0.926^**	0.640^**	0.920^**	0.996^**	–
	Sig. (2-tailed)	0.000	0.000	0.000	0.000	0.000
	N	14,682	6,930	14,622	13,617	14,681	14,683
Sales th EUR	Pearson Correlation	0.517^**	0.452^**	0.437^**	0.493^**	0.292^**	0.314^**	–
	Sig. (2-tailed)	0.000	0.000	0.000	0.000	0.000	0.000
	N	15,273	6,966	14,415	13,501	14,390	14,376	15,274
Shareholders funds th EUR	Pearson Correlation	0.320^**	0.598^**	0.505^**	0.571^**	0.368^**	0.392^**	0.477^**	–
	Sig. (2-tailed)	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	N	15,952	6,981	14,733	13,695	14,700	14,683	15,274	15,953
Total assets th EUR	Pearson Correlation	0.415^**	0.556^**	0.426^**	0.533^**	0.331^**	0.355^**	0.585^**	0.844^**	–
	Sig. (2-tailed)	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	N	15,952	6,981	14,732	13,695	14,699	14,682	15,273	15,952	15,952
Operating revenue (Turnover) EUR	Pearson Correlation	0.508^**	0.476^**	0.454^**	0.514^**	0.306^**	0.329^**	0.992^**	0.508^**	0.617^**	–
	Sig. (2-tailed)	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	N	15,952	6,981	14,733	13,695	14,700	14,683	15,274	15,953	15,952	15,953

Note(s): **. Correlation is significant at the 0.01 level (2-tailed)

Source(s): Authors’ own work

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