Table 3 Pearson pairwise correlations... | Emerald Publishing

Table 3

Pearson pairwise correlations

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)
(1) NPL	1.000
(2) FPBOD	−0.108^**	1.000
(3) FE_IND	−0.136^**	0.363^***	1.000
(4) FE_LED	−0.139^***	0.279^***	0.386^***	1.000
(5) FE_EXP	−0.157^***	0.623^***	0.591^***	0.333^***	1.000
(6) FE_HEDU	−0.188^***	0.792^***	0.496^***	0.360^***	0.634^***	1.000
(7) FE_FOREDU	−0.127^**	0.546^***	0.622^***	0.271^***	0.723^***	0.697^***	1.000
(8) FE_ACFI	−0.143^***	0.353^***	0.348^***	0.078	0.330^***	0.475^***	0.331^***	1.000
(9) INDP	0.609^***	−0.037	0.123^**	−0.033	0.040	−0.021	0.093^*	−0.022	1.000
(10) BS	−0.408^***	−0.170^***	−0.197^***	0.015	−0.206^***	−0.241^***	−0.291^***	−0.074	−0.420^***	1.000
(11) FSIZE	−0.626^***	0.011	0.165^***	0.096^*	−0.016	0.040	0.065	0.149^***	−0.432^***	0.411^***	1.000
(12) ROE	−0.018	−0.029	0.068	−0.024	0.000	−0.010	−0.026	0.035	0.046	0.050	0.124^**	1.000
(13) LEV	−0.470^***	−0.032	−0.069	−0.081	−0.083	−0.107^*	−0.069	0.020	−0.301^***	0.320^***	0.411^***	−0.400^***	1.000
(14) BM	−0.268^***	−0.058	−0.062	−0.087^*	−0.112^**	0.036	−0.070	−0.046	−0.234^***	0.241^***	0.443^***	0.067	0.322^***	1.000
(15) DO	−0.081	−0.130^**	−0.070	−0.132^**	−0.126^**	−0.245^***	−0.143^***	−0.036	−0.074	0.052	0.176^***	0.011	−0.165^***	−0.273^***	1.000
(16) IO	0.058	0.231^***	−0.120^**	0.032	0.079	0.250^***	0.028	−0.021	−0.010	0.000	−0.172^***	−0.033	−0.042	0.085^*	−0.283^***	1.000
(17) FO	−0.189^***	0.130^**	0.483^***	0.168^***	0.194^***	0.236^***	0.399^***	0.092^*	0.105^**	0.012	0.340^***	0.077	0.036	−0.068	0.103^**	−0.246^***	1.000
(18) COVID19	0.138^***	0.023	0.083	0.024	0.027	0.040	0.074	0.081	0.126^**	−0.064	0.030	0.069	−0.019	−0.064	−0.016	0.099^*	−0.093^*	1.000

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)
(1) NPL	1.000
(2) FPBOD	−0.108^**	1.000
(3) FE_IND	−0.136^**	0.363^***	1.000
(4) FE_LED	−0.139^***	0.279^***	0.386^***	1.000
(5) FE_EXP	−0.157^***	0.623^***	0.591^***	0.333^***	1.000
(6) FE_HEDU	−0.188^***	0.792^***	0.496^***	0.360^***	0.634^***	1.000
(7) FE_FOREDU	−0.127^**	0.546^***	0.622^***	0.271^***	0.723^***	0.697^***	1.000
(8) FE_ACFI	−0.143^***	0.353^***	0.348^***	0.078	0.330^***	0.475^***	0.331^***	1.000
(9) INDP	0.609^***	−0.037	0.123^**	−0.033	0.040	−0.021	0.093^*	−0.022	1.000
(10) BS	−0.408^***	−0.170^***	−0.197^***	0.015	−0.206^***	−0.241^***	−0.291^***	−0.074	−0.420^***	1.000
(11) FSIZE	−0.626^***	0.011	0.165^***	0.096^*	−0.016	0.040	0.065	0.149^***	−0.432^***	0.411^***	1.000
(12) ROE	−0.018	−0.029	0.068	−0.024	0.000	−0.010	−0.026	0.035	0.046	0.050	0.124^**	1.000
(13) LEV	−0.470^***	−0.032	−0.069	−0.081	−0.083	−0.107^*	−0.069	0.020	−0.301^***	0.320^***	0.411^***	−0.400^***	1.000
(14) BM	−0.268^***	−0.058	−0.062	−0.087^*	−0.112^**	0.036	−0.070	−0.046	−0.234^***	0.241^***	0.443^***	0.067	0.322^***	1.000
(15) DO	−0.081	−0.130^**	−0.070	−0.132^**	−0.126^**	−0.245^***	−0.143^***	−0.036	−0.074	0.052	0.176^***	0.011	−0.165^***	−0.273^***	1.000
(16) IO	0.058	0.231^***	−0.120^**	0.032	0.079	0.250^***	0.028	−0.021	−0.010	0.000	−0.172^***	−0.033	−0.042	0.085^*	−0.283^***	1.000
(17) FO	−0.189^***	0.130^**	0.483^***	0.168^***	0.194^***	0.236^***	0.399^***	0.092^*	0.105^**	0.012	0.340^***	0.077	0.036	−0.068	0.103^**	−0.246^***	1.000
(18) COVID19	0.138^***	0.023	0.083	0.024	0.027	0.040	0.074	0.081	0.126^**	−0.064	0.030	0.069	−0.019	−0.064	−0.016	0.099^*	−0.093^*	1.000

Note(s): ^***, ^**, and ^* denote significance at the 1%, 5%, and 10% levels, respectively. The definitions of variables are given in Appendix

Source(s): Created by author