Table 3 Pearson correlation matrix...

Table 3

Pearson correlation matrix

Variables	LS	LN_LS	RM	PC	FIRST	DUAL	SOE	SIZE	LEV	ROA	MARGIN	WAGE	KY	CI	TOBINQ
LS	1
LN_LS	0.909***	1
RM	−0.042**	−0.093***	1
PC	−0.110***	−0.079**	0.009	1
FIRST	0.011	0.031	−0.246***	0.113***	1
DUAL	0.042	0.067**	−0.097***	0.033	0.001	1
SOE	0.147***	0.143***	−0.003	−0.016	0.091***	−0.246***	1
SIZE	−0.216***	−0.220***	0.105***	−0.195***	0.122***	−0.034	0.027	1
LEV	0.012	−0.078**	0.111***	−0.146***	0.063*	−0.043	0.016	0.290***	1
ROA	−0.266***	−0.168***	−0.078**	0.261***	0.091***	0.029	−0.019	0.081**	−0.618***	1
MARGIN	−0.333***	−0.226***	−0.118***	0.211***	0.072**	−0.043	0.067**	0.132***	−0.502***	0.427***	1
WAGE	0.278***	0.207***	0.102***	−0.273***	−0.090***	−0.075**	0.224***	0.129***	0.109***	−0.195***	−0.167***	1
KY	0.209***	0.191***	0.036	−0.053	0.002	−0.078**	0.220***	0.018	0.056*	−0.148***	−0.131***	−0.125***	1
CI	0.301***	0.291***	0.174***	−0.124***	−0.090***	−0.037	0.110***	0.084**	0.139***	−0.326***	−0.407***	0.176***	0.491***	1
TOBINQ	0.130***	0.133***	0.054	−0.019	−0.101***	0.081**	−0.122***	−0.307***	−0.088***	0.012	−0.082**	0.060*	−0.082**	−0.053	1

Variables	LS	LN_LS	RM	PC	FIRST	DUAL	SOE	SIZE	LEV	ROA	MARGIN	WAGE	KY	CI	TOBINQ
LS	1
LN_LS	0.909***	1
RM	−0.042**	−0.093***	1
PC	−0.110***	−0.079**	0.009	1
FIRST	0.011	0.031	−0.246***	0.113***	1
DUAL	0.042	0.067**	−0.097***	0.033	0.001	1
SOE	0.147***	0.143***	−0.003	−0.016	0.091***	−0.246***	1
SIZE	−0.216***	−0.220***	0.105***	−0.195***	0.122***	−0.034	0.027	1
LEV	0.012	−0.078**	0.111***	−0.146***	0.063*	−0.043	0.016	0.290***	1
ROA	−0.266***	−0.168***	−0.078**	0.261***	0.091***	0.029	−0.019	0.081**	−0.618***	1
MARGIN	−0.333***	−0.226***	−0.118***	0.211***	0.072**	−0.043	0.067**	0.132***	−0.502***	0.427***	1
WAGE	0.278***	0.207***	0.102***	−0.273***	−0.090***	−0.075**	0.224***	0.129***	0.109***	−0.195***	−0.167***	1
KY	0.209***	0.191***	0.036	−0.053	0.002	−0.078**	0.220***	0.018	0.056*	−0.148***	−0.131***	−0.125***	1
CI	0.301***	0.291***	0.174***	−0.124***	−0.090***	−0.037	0.110***	0.084**	0.139***	−0.326***	−0.407***	0.176***	0.491***	1
TOBINQ	0.130***	0.133***	0.054	−0.019	−0.101***	0.081**	−0.122***	−0.307***	−0.088***	0.012	−0.082**	0.060*	−0.082**	−0.053	1

Note(s): This table presents the Pearson correlations among the main test variables for the sample of 924 firm-year observations in our study. See Appendix A for variable definitions. The superscripts ***, ** and * indicate two-tailed statistical significance at the 1%, 5% and 10% levels, respectively

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