Table 4 Pearson correlation (1) (2) (3)...

Table 4

Pearson correlation

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
(1) ZSCR	1.000
(2) PC-IS	−0.081***	1.000
(3) RGYM	−0.036**	0.035**	1.000
(4) BCZE	0.202***	0.148***	−0.109***	1.000
(5) FAGE	0.156***	0.051***	0.097***	0.245***	1.000
(6) FSIZ	−0.001	0.077***	0.618***	−0.108***	0.109***	1.000
(7) LVRG	−0.027	−0.011	−0.040**	−0.019	−0.018	−0.034**	1.000
(8) SOE	0.026	0.150***	−0.054***	0.154***	0.197***	−0.004	−0.003	1.000

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
(1) ZSCR	1.000
(2) PC-IS	−0.081***	1.000
(3) RGYM	−0.036**	0.035**	1.000
(4) BCZE	0.202***	0.148***	−0.109***	1.000
(5) FAGE	0.156***	0.051***	0.097***	0.245***	1.000
(6) FSIZ	−0.001	0.077***	0.618***	−0.108***	0.109***	1.000
(7) LVRG	−0.027	−0.011	−0.040**	−0.019	−0.018	−0.034**	1.000
(8) SOE	0.026	0.150***	−0.054***	0.154***	0.197***	−0.004	−0.003	1.000

Note(s): Table 4 presents Pearson correlation matrix for 3,505 firm-year observations for all the variables. * represents a 10% significance level, ** represents a 5% significance level, and *** represents a 1% significance level. Table 2 presents all variable definitions

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