Table A1. Correlations (2006–2022, n =...

Table A1.

Correlations (2006–2022, n = 3,404)

Variables	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18	19	20	21	22	23	24
1-LDON	1
2-DOND	0.995*	1
3-CA_HO	−0.095*	−0.095*	1
4-CA_BA	−0.085*	−0.085*	0.941*	1
5-LEV	0.079*	0.078*	−0.398*	−0.382*	1
6-MLEV	0.098*	0.098*	−0.395*	−0.378*	0.718*	1
7-STD	−0.024	−0.025	−0.101*	−0.106*	0.360*	0.283*	1
8-LTD	0.095*	0.095*	−0.383*	−0.363*	0.914*	0.646*	−0.050*	1
9-INVEFF	0.004	0.003	−0.092*	−0.093*	0.093*	0.132*	0.022	0.089*	1
10-OV_INV	−0.024	−0.02	0.111*	0.118*	−0.083*	−0.130*	−0.01	−0.085*	−0.997*	1
11-UN_INV	−0.013	−0.01	−0.050*	−0.027	0.173*	0.089*	0.053*	0.159*	1.000*		1
12-DUAL	0.008	0.01	0.103*	0.114*	−0.117*	−0.103*	−0.012	−0.120*	−0.087*	0.103*	0.007	1
13-BIGN	0.023	0.02	−0.239*	−0.231*	0.157*	0.163*	−0.028	0.181*	0.113*	−0.119*	0.081*	−0.148*	1
14-BOD	0.158*	0.154*	−0.232*	−0.218*	0.203*	0.260*	0.058*	0.192*	0.119*	−0.195*	−0.078*	−0.137*	0.185*	1
15-DIVD	0.135*	0.082*	−0.363*	−0.340*	0.170*	0.204*	0.022	0.173*	0.331*	−0.403*	0.188*	−0.101*	0.157*	0.183*	1
16-MTB	−0.021	−0.02	0.016	0.016	0.129*	−0.028	0.013	0.132*	−0.006	−0.003	−0.056*	−0.008	−0.038*	0.004	−0.043*	1
17-FEMALE	0.034*	0.031	−0.147*	−0.144*	0.116*	0.081*	−0.093*	0.165*	0.192*	−0.228*	0.044	−0.146*	0.170*	0.115*	0.203*	−0.004	1
18-BIND	0.058*	0.056*	−0.180*	−0.169*	0.111*	0.146*	−0.086*	0.156*	0.146*	−0.198*	0.047*	−0.040*	0.183*	0.135*	0.242*	0.011	0.450*	1
19-AGE	0.114*	0.109*	−0.063*	−0.051*	−0.027	−0.029	0.045*	−0.049*	0.03	−0.071*	−0.095*	−0.006	0.034*	0.174*	0.111*	0.034*	0.099*	0.198*	1
20-SIZE	0.181*	0.175*	−0.173*	−0.172*	0.196*	0.023	−0.031	0.223*	0.170*	−0.248*	−0.087*	−0.025	0.198*	0.430*	0.282*	0.071*	0.354*	0.375*	0.269*	1
21-LIQIUD	−0.058*	−0.057*	0.406*	0.393*	−0.226*	−0.202*	−0.130*	−0.185*	−0.071*	0.073*	−0.204*	0.087*	−0.132*	−0.144*	−0.278*	−0.005	−0.117*	−0.119*	−0.018	−0.129*	1
22-RISK	−0.045*	−0.044*	0.207*	0.217*	−0.128*	−0.181*	0.114*	−0.187*	−0.084*	0.099*	−0.135*	0.028	−0.065*	−0.094*	−0.169*	0.021	−0.117*	−0.148*	−0.032	−0.124*	0.099*	1
23-CAFLR	0.004	0.005	−0.076*	−0.051*	−0.032	−0.121*	−0.045*	−0.014	0.002	−0.058*	0.157*	0.002	0.069*	0.013	0.322*	−0.005	0.069*	0.108*	0.067*	0.146*	−0.152*	0.138*	1
24-ROA	−0.001	0.001	−0.173*	−0.148*	−0.021	−0.059*	−0.133*	0.036*	0.090*	−0.143*	0.099*	0.012	0.079*	0.004	0.377*	−0.03	0.061*	0.101*	0.052*	0.145*	−0.123*	0.137*	0.694*	1

Variables	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18	19	20	21	22	23	24
1-LDON	1
2-DOND	0.995*	1
3-CA_HO	−0.095*	−0.095*	1
4-CA_BA	−0.085*	−0.085*	0.941*	1
5-LEV	0.079*	0.078*	−0.398*	−0.382*	1
6-MLEV	0.098*	0.098*	−0.395*	−0.378*	0.718*	1
7-STD	−0.024	−0.025	−0.101*	−0.106*	0.360*	0.283*	1
8-LTD	0.095*	0.095*	−0.383*	−0.363*	0.914*	0.646*	−0.050*	1
9-INVEFF	0.004	0.003	−0.092*	−0.093*	0.093*	0.132*	0.022	0.089*	1
10-OV_INV	−0.024	−0.02	0.111*	0.118*	−0.083*	−0.130*	−0.01	−0.085*	−0.997*	1
11-UN_INV	−0.013	−0.01	−0.050*	−0.027	0.173*	0.089*	0.053*	0.159*	1.000*		1
12-DUAL	0.008	0.01	0.103*	0.114*	−0.117*	−0.103*	−0.012	−0.120*	−0.087*	0.103*	0.007	1
13-BIGN	0.023	0.02	−0.239*	−0.231*	0.157*	0.163*	−0.028	0.181*	0.113*	−0.119*	0.081*	−0.148*	1
14-BOD	0.158*	0.154*	−0.232*	−0.218*	0.203*	0.260*	0.058*	0.192*	0.119*	−0.195*	−0.078*	−0.137*	0.185*	1
15-DIVD	0.135*	0.082*	−0.363*	−0.340*	0.170*	0.204*	0.022	0.173*	0.331*	−0.403*	0.188*	−0.101*	0.157*	0.183*	1
16-MTB	−0.021	−0.02	0.016	0.016	0.129*	−0.028	0.013	0.132*	−0.006	−0.003	−0.056*	−0.008	−0.038*	0.004	−0.043*	1
17-FEMALE	0.034*	0.031	−0.147*	−0.144*	0.116*	0.081*	−0.093*	0.165*	0.192*	−0.228*	0.044	−0.146*	0.170*	0.115*	0.203*	−0.004	1
18-BIND	0.058*	0.056*	−0.180*	−0.169*	0.111*	0.146*	−0.086*	0.156*	0.146*	−0.198*	0.047*	−0.040*	0.183*	0.135*	0.242*	0.011	0.450*	1
19-AGE	0.114*	0.109*	−0.063*	−0.051*	−0.027	−0.029	0.045*	−0.049*	0.03	−0.071*	−0.095*	−0.006	0.034*	0.174*	0.111*	0.034*	0.099*	0.198*	1
20-SIZE	0.181*	0.175*	−0.173*	−0.172*	0.196*	0.023	−0.031	0.223*	0.170*	−0.248*	−0.087*	−0.025	0.198*	0.430*	0.282*	0.071*	0.354*	0.375*	0.269*	1
21-LIQIUD	−0.058*	−0.057*	0.406*	0.393*	−0.226*	−0.202*	−0.130*	−0.185*	−0.071*	0.073*	−0.204*	0.087*	−0.132*	−0.144*	−0.278*	−0.005	−0.117*	−0.119*	−0.018	−0.129*	1
22-RISK	−0.045*	−0.044*	0.207*	0.217*	−0.128*	−0.181*	0.114*	−0.187*	−0.084*	0.099*	−0.135*	0.028	−0.065*	−0.094*	−0.169*	0.021	−0.117*	−0.148*	−0.032	−0.124*	0.099*	1
23-CAFLR	0.004	0.005	−0.076*	−0.051*	−0.032	−0.121*	−0.045*	−0.014	0.002	−0.058*	0.157*	0.002	0.069*	0.013	0.322*	−0.005	0.069*	0.108*	0.067*	0.146*	−0.152*	0.138*	1
24-ROA	−0.001	0.001	−0.173*	−0.148*	−0.021	−0.059*	−0.133*	0.036*	0.090*	−0.143*	0.099*	0.012	0.079*	0.004	0.377*	−0.03	0.061*	0.101*	0.052*	0.145*	−0.123*	0.137*	0.694*	1

Note(s):

Please refer to Table 2 for operational definitions. *p < 0.10

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