Table 2. Correlations Variable (1) (2)... | Emerald Publishing

Table 2.

Correlations

Variable	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)
(1) CDS5y	1
(2) DtD	−0.584***	1
(3) max_divest	0.0662	−0.0796*	1
(4) size	−0.0388	−0.0132	0.102*	1
(5) ROA	−0.369***	0.299***	0.0611	0.0227	1
(6) leverage	0.299***	−0.447***	−0.0389	0.0421	−0.291***	1
(7) liquidity	−0.0683	0.0556	0.00163	−0.228***	0.196***	0.0138	1
(8) tangibility	0.0775	−0.122**	0.0992*	0.123**	−0.100*	−0.0492	−0.478***	1
(9) sales_to_assets	−0.0370	−0.0350	0.0268	−0.451***	0.0743	0.00326	0.470***	−0.0830*	1
(10) tobinq	0.298***	−0.444***	−0.0393	0.0419	−0.289***	1.000***	0.0161	−0.0514	0.00425	1
(11) int_experience	−0.0209	0.0788	0.0508	0.277***	−0.0734	−0.0148	0.0516	−0.151***	−0.142***	−0.0145	1

Variable	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)
(1) CDS5y	1
(2) DtD	−0.584***	1
(3) max_divest	0.0662	−0.0796*	1
(4) size	−0.0388	−0.0132	0.102*	1
(5) ROA	−0.369***	0.299***	0.0611	0.0227	1
(6) leverage	0.299***	−0.447***	−0.0389	0.0421	−0.291***	1
(7) liquidity	−0.0683	0.0556	0.00163	−0.228***	0.196***	0.0138	1
(8) tangibility	0.0775	−0.122**	0.0992*	0.123**	−0.100*	−0.0492	−0.478***	1
(9) sales_to_assets	−0.0370	−0.0350	0.0268	−0.451***	0.0743	0.00326	0.470***	−0.0830*	1
(10) tobinq	0.298***	−0.444***	−0.0393	0.0419	−0.289***	1.000***	0.0161	−0.0514	0.00425	1
(11) int_experience	−0.0209	0.0788	0.0508	0.277***	−0.0734	−0.0148	0.0516	−0.151***	−0.142***	−0.0145	1

Note(s):

This table reports the pairwise correlations for the variables used in the empirical analysis. ***, ** and * denote significance at the 0.01, 0.05 and 0.10 levels, respectively. See Appendix 1 for the variable definitions