Table 5

Correlation matrix

RDCi,tROAi,tROAi,t+1ROAi,t+2ROAi,t+3ROEi,tROEi,t+1ROEi,t+2ROEi,t+3Sizei,tLevi,tMBi,tGrowthi,tRDinti,t
RDCi,t1−0.080***−0.081***−0.078***−0.065***−0.054***−0.059***−0.060***−0.059***0.147***0.078***−0.0020.038***0.124***
ROAi,t−0.084***10.690***0.555***0.455***    −0.166***−0.402***0.316***0.269***0.501***
ROAi,t+1−0.090***0.779***10.765***0.618***    −0.153***−0.347***0.286***0.208***0.459***
ROAi,t+2−0.085***0.640***0.659***10.750***    −0.157***−0.323***0.230***0.114***0.424***
ROAi,t+3−0.073***0.540***0.518***0.626***1    −0.138***−0.281***0.209***0.050***0.380***
ROEi,t−0.057***    10.611***0.460***0.368***0.073***0.0150.238***0.340***0.445***
ROEi,t+1−0.065***    0.740***10.727***0.555***0.062***0.0245**0.206***0.273***0.403***
ROEi,t+2−0.063***    0.577***0.582***10.720***0.057***0.030**0.139***0.171***0.371***
ROEi,t+3−0.061***    0.477***0.410***0.563***10.071***0.050***0.108***0.097***0.319***
Sizei,t0.151***−0.124***−0.110***−0.110***−0.091***0.091***0.067***0.063***0.079***10.545***−0.521***0.062***−0.289***
Levi,t0.075***−0.369***−0.299***−0.271***−0.231***0.0100.0150.029**0.051***0.553***1−0.232***0.110***−0.213***
MBi,t0.0020.300***0.276***0.206***0.169***0.223***0.203***0.128***0.087***−0.528***−0.232***10.203***0.255***
Growthi,t0.040***0.191***0.145***0.060***−0.0000.243***0.182***0.088***0.0180.037***0.071***0.195***10.055***
RDinti,t0.158***0.422***0.381***0.334***0.292***0.379***0.339***0.300***0.248***−0.247***−0.194***0.259***0.0141

Note(s): This table shows the correlation matrix for the key variables in regression analysis. The Spearman and Pearson correlation coefficients are entered in the upper and lower diagonal parts, respectively

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