Correlation matrix
| Variables | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EO | 1.00 | ||||||||||||
| Profitability | 0.13*** | 1.00 | |||||||||||
| Sales | 0.01*** | 0.60*** | 1.00 | ||||||||||
| Recoverable slack | −0.08*** | −0.13*** | −0.12*** | 1.00 | |||||||||
| Available slack | 0.13*** | −0.03*** | −0.02*** | 0.09*** | 1.00 | ||||||||
| Debt-to-equity | −0.10*** | −0.01* | 0.03*** | −0.09*** | −0.04*** | 1.00 | |||||||
| Earnings per share | 0.09*** | 0.10*** | 0.05*** | −0.15*** | −0.04*** | −0.01*** | 1.00 | ||||||
| Total assets | −0.01* | 0.75*** | 0.69*** | −0.15*** | −0.03*** | 0.04*** | 0.06*** | 1.00 | |||||
| Employees | 0.02*** | 0.45*** | 0.69*** | −0.12*** | −0.02*** | 0.04*** | 0.05*** | 0.52*** | 1.00 | ||||
| Years since IPO | −0.00 | 0.17*** | 0.14*** | −0.05*** | −0.04*** | −0.01*** | 0.05*** | 0.21*** | 0.11*** | 1.00 | |||
| Hostility | −0.08*** | 0.02*** | 0.02*** | −0.04*** | −0.06*** | 0.01*** | 0.02*** | 0.06*** | 0.03*** | 0.21*** | 1.00 | ||
| Dynamism | −0.04*** | −0.03*** | −0.01*** | −0.11*** | −0.05*** | 0.03*** | 0.03*** | −0.03*** | −0.02*** | 0.02*** | 0.12*** | 1.00 | |
| Complexity | 0.01*** | 0.01*** | 0.03*** | −0.02*** | −0.02*** | 0.01*** | 0.03*** | −0.02*** | 0.05*** | 0.13*** | 0.05*** | 0.43*** | 1.00 |
| Variables | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1.00 | |||||||||||||
| Profitability | 0.13 | 1.00 | |||||||||||
| Sales | 0.01 | 0.60 | 1.00 | ||||||||||
| Recoverable slack | −0.08 | −0.13 | −0.12 | 1.00 | |||||||||
| Available slack | 0.13 | −0.03 | −0.02 | 0.09 | 1.00 | ||||||||
| Debt-to-equity | −0.10 | −0.01 | 0.03 | −0.09 | −0.04 | 1.00 | |||||||
| Earnings per share | 0.09 | 0.10 | 0.05 | −0.15 | −0.04 | −0.01 | 1.00 | ||||||
| Total assets | −0.01 | 0.75 | 0.69 | −0.15 | −0.03 | 0.04 | 0.06 | 1.00 | |||||
| Employees | 0.02 | 0.45 | 0.69 | −0.12 | −0.02 | 0.04 | 0.05 | 0.52 | 1.00 | ||||
| Years since | −0.00 | 0.17 | 0.14 | −0.05 | −0.04 | −0.01 | 0.05 | 0.21 | 0.11 | 1.00 | |||
| Hostility | −0.08 | 0.02 | 0.02 | −0.04 | −0.06 | 0.01 | 0.02 | 0.06 | 0.03 | 0.21 | 1.00 | ||
| Dynamism | −0.04 | −0.03 | −0.01 | −0.11 | −0.05 | 0.03 | 0.03 | −0.03 | −0.02 | 0.02 | 0.12 | 1.00 | |
| Complexity | 0.01 | 0.01 | 0.03 | −0.02 | −0.02 | 0.01 | 0.03 | −0.02 | 0.05 | 0.13 | 0.05 | 0.43 | 1.00 |
*p < 0.05, **p < 0.01, ***p < 0.001
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