Table 4.

Correlations

VariableCoDIPOLeverageSizeAgeCurrent ratioROAFixed assets
CoD1       
IPO−0.0412***1      
Leverage0.0189−0.1959***1     
Size−0.0663***0.5874***0.0437***1    
Age0.0524***0.1804***−0.0496***0.1585***1   
Current ratio0.002800.1664***−0.3536***−0.0656***0.0220*1  
ROA−0.0660***−0.4344***−0.1058***−0.4096***−0.1717***0.0803***1 
Fixed assets0.2408***0.01160.0966***0.0265**0.0115−0.2238***−0.0804***1
SOE−0.0495***0.0811***0.0865***0.2178***0.00630−0.0535***−0.1437***0.1289***

Note(s): This table presents the correlation matrix for a list of main variables used in our testing. The variable definitions are provided in  AppendixTable A1. Continuous variables are winsorized at the 1st and 99th percentiles. ***, ** and * represent significance at the 1, 5 and 10% levels, respectively

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