Table 2 Correlation matrix ( n = 1,976)...

Table 2

Correlation matrix (n = 1,976)

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
(1)DEVIATION1	1
(2)DEVIATION2	0.647***	1
(3)DEVIATION3	0.736***	0.822***	1
(4)DEVIATION4	0.748***	0.668***	0.724***	1
(5) TRUSTTL	−0.016*	−0.020*	−0.010*	−0.036*	1
(6) INSTOWN	−0.049**	−0.081***	−0.047**	−0.052**	0.214***	1
(7) BDINDEP	−0.026	0.047**	−0.000603	−0.060***	−0.107***	−0.060***	1
(8) ROA	0.108***	0.141***	0.270***	−0.029	0.120***	0.086***	0.098***	1
(9) INVREC	0.054**	−0.052**	0.02	0.068***	−0.038*	−0.062***	−0.151***	0.015	1
(10)DEBTRATIO	0.067***	−0.166***	−0.127***	0.136***	−0.006	0.106***	−0.179***	−0.283***	0.148***	1
(11) INVEST	0.088***	0.223***	0.167***	−0.035	0.012	−0.084***	0.145***	0.316***	−0.326***	−0.303***
(12) SIGMA	0.364***	0.257***	0.306***	0.290***	−0.027	−0.108***	−0.073***	0.009	0.014	−0.005
(13) BETA	−0.020	−0.005	−0.0160	−0.030	0.064***	0.058***	−0.028	0.020	−0.063***	−0.026
(14) STDSALE	0.265***	−0.069***	0.225***	0.208***	0.063***	0.007	−0.087***	0.238***	0.044**	0.040*
(15) STDOCF	0.210***	0.147***	0.232***	0.122***	−0.007	−0.001	−0.016	0.247***	−0.113***	−0.073***
(16) OPNINT	−0.064***	−0.03	−0.137***	0.002	−0.025	−0.121***	−0.054**	−0.340***	3.49E-05	0.169***
(17) AGE	0.122***	0.092***	0.067***	0.080***	−0.009	−0.192***	−0.080***	−0.037	0.089***	0.034
(18) CS	0.053**	−0.147***	−0.096***	0.088***	0.027	0.059***	−0.212***	−0.350***	0.022	0.381***
(19)FINANCING	−0.101***	0.071***	0.016	−0.079***	0.102***	−0.01	0.047**	0.049**	−0.218***	−0.170***
Variables	(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)
(11) INVEST	1
(12) SIGMA	0.049**	1
(13) BETA	0.027	0.314***	1
(14) STDSALE	0.028	0.228***	0.073***	1
(15) STDOCF	0.304***	0.078***	0.021	0.272***	1
(16) OPNINT	−0.052**	−0.014	0.064***	−0.153***	−0.046**	1
(17) AGE	0.007	0.063***	−0.028	−0.028	−0.018	0.111***	1
(18) CS	−0.186***	0.072***	0.101***	0.251***	0.017	0.222***	0.012	1
(19)FINANCING	0.145***	−0.037*	0.079***	−0.159***	0.008	0.086***	0.021	−0.063***	1

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
(1)DEVIATION1	1
(2)DEVIATION2	0.647***	1
(3)DEVIATION3	0.736***	0.822***	1
(4)DEVIATION4	0.748***	0.668***	0.724***	1
(5) TRUSTTL	−0.016*	−0.020*	−0.010*	−0.036*	1
(6) INSTOWN	−0.049**	−0.081***	−0.047**	−0.052**	0.214***	1
(7) BDINDEP	−0.026	0.047**	−0.000603	−0.060***	−0.107***	−0.060***	1
(8) ROA	0.108***	0.141***	0.270***	−0.029	0.120***	0.086***	0.098***	1
(9) INVREC	0.054**	−0.052**	0.02	0.068***	−0.038*	−0.062***	−0.151***	0.015	1
(10)DEBTRATIO	0.067***	−0.166***	−0.127***	0.136***	−0.006	0.106***	−0.179***	−0.283***	0.148***	1
(11) INVEST	0.088***	0.223***	0.167***	−0.035	0.012	−0.084***	0.145***	0.316***	−0.326***	−0.303***
(12) SIGMA	0.364***	0.257***	0.306***	0.290***	−0.027	−0.108***	−0.073***	0.009	0.014	−0.005
(13) BETA	−0.020	−0.005	−0.0160	−0.030	0.064***	0.058***	−0.028	0.020	−0.063***	−0.026
(14) STDSALE	0.265***	−0.069***	0.225***	0.208***	0.063***	0.007	−0.087***	0.238***	0.044**	0.040*
(15) STDOCF	0.210***	0.147***	0.232***	0.122***	−0.007	−0.001	−0.016	0.247***	−0.113***	−0.073***
(16) OPNINT	−0.064***	−0.03	−0.137***	0.002	−0.025	−0.121***	−0.054**	−0.340***	3.49E-05	0.169***
(17) AGE	0.122***	0.092***	0.067***	0.080***	−0.009	−0.192***	−0.080***	−0.037	0.089***	0.034
(18) CS	0.053**	−0.147***	−0.096***	0.088***	0.027	0.059***	−0.212***	−0.350***	0.022	0.381***
(19)FINANCING	−0.101***	0.071***	0.016	−0.079***	0.102***	−0.01	0.047**	0.049**	−0.218***	−0.170***
Variables	(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)
(11) INVEST	1
(12) SIGMA	0.049**	1
(13) BETA	0.027	0.314***	1
(14) STDSALE	0.028	0.228***	0.073***	1
(15) STDOCF	0.304***	0.078***	0.021	0.272***	1
(16) OPNINT	−0.052**	−0.014	0.064***	−0.153***	−0.046**	1
(17) AGE	0.007	0.063***	−0.028	−0.028	−0.018	0.111***	1
(18) CS	−0.186***	0.072***	0.101***	0.251***	0.017	0.222***	0.012	1
(19)FINANCING	0.145***	−0.037*	0.079***	−0.159***	0.008	0.086***	0.021	−0.063***	1

Note(s): This table presents the correlation coefficients between the study's variables to identify preliminary relationships and the direction of these relationships (positive or negative). Statistical significance levels are denoted by asterisks, where *p < 0.10, **p < 0.05, and ***p < 0.01. This matrix helps in assessing potential multicollinearity issues and the strength of linear associations among variables. All variables are defined in Appendix A

Source(s): Authors’ own work

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