Table 3 Correlation matrix Variables (1)...

Table 3

Correlation matrix

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)
(1) DISVOL	1.000
(2) GENDIV	0.213*	1.000
(3) BDSIZE	0.325*	0.025	1.000
(4) INDPDIR	0.132*	0.295*	0.108*	1.000
(5) COMPRN	0.363*	0.228*	0.145*	0.150*	1.000
(6) AUDCOMIND	0.015	0.112*	−0.059	0.144*	0.067	1.000
(7) CYBERPOLICY	0.310*	0.411*	0.087	0.155*	0.185*	−0.014	1.000
(8) CRISKIND	0.201*	0.039	0.160*	0.136*	0.139*	0.021	0.002	1.000
(9) SIZE	0.295*	0.019	0.535*	0.256*	0.104*	−0.032	0.093	0.403*	1.000
(10) LEV	−0.031	0.090	−0.051	−0.014	−0.117*	−0.006	0.107*	−0.513*	−0.143*	1.000
(11) ROA	−0.149*	0.170*	−0.301*	−0.052	0.011	0.058	−0.090	−0.079	−0.456*	−0.082	1.000
(12) MTB	−0.031	0.167*	−0.157*	−0.105*	0.022	0.109*	−0.025	−0.090	−0.334*	0.049	0.727*	1.000

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)
(1) DISVOL	1.000
(2) GENDIV	0.213*	1.000
(3) BDSIZE	0.325*	0.025	1.000
(4) INDPDIR	0.132*	0.295*	0.108*	1.000
(5) COMPRN	0.363*	0.228*	0.145*	0.150*	1.000
(6) AUDCOMIND	0.015	0.112*	−0.059	0.144*	0.067	1.000
(7) CYBERPOLICY	0.310*	0.411*	0.087	0.155*	0.185*	−0.014	1.000
(8) CRISKIND	0.201*	0.039	0.160*	0.136*	0.139*	0.021	0.002	1.000
(9) SIZE	0.295*	0.019	0.535*	0.256*	0.104*	−0.032	0.093	0.403*	1.000
(10) LEV	−0.031	0.090	−0.051	−0.014	−0.117*	−0.006	0.107*	−0.513*	−0.143*	1.000
(11) ROA	−0.149*	0.170*	−0.301*	−0.052	0.011	0.058	−0.090	−0.079	−0.456*	−0.082	1.000
(12) MTB	−0.031	0.167*	−0.157*	−0.105*	0.022	0.109*	−0.025	−0.090	−0.334*	0.049	0.727*	1.000

Note(s): This table presents Pearson’s correlation coefficients between the variables used in the baseline regression analyses. Superscript * corresponds to statistical significance at the 5% level

Source(s): Authors’ own work

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