Table 3 Pearson correlation Spread CDT...

Table 3

Pearson correlation

	Spread	CDT	Leverage	Size	Turnover	ROE	SOE	Redeemable	Rating	Amount	Maturity	GDP	VIF
Spread	1												/
CDT	−0.325^***	1											/
Leverage	−0.182^***	0.628^***	1										2.403
Size	−0.446^***	0.561^***	0.676^***	1									2.856
Turnover	0.093^**	0.230^***	0.168^***	−0.082^*	1								1.309
ROE	−0.071	0.058	0.153^***	0.186^***	−0.002	1							1.114
SOE	−0.062	−0.316^***	−0.207^***	−0.128^***	−0.294^***	−0.124^***	1						1.308
Redeemable	0.004	−0.004	−0.016	−0.025	0.033	−0.065	0.070	1					1.078
Rating	−0.264^***	0.038	0.038	0.246^***	−0.152^***	0.026	0.049	0.104^**	1				1.188
Amount	−0.208^***	0.345^***	0.415^***	0.596^***	−0.087^**	0.204^***	−0.282^***	−0.082^*	0.194^***	1			1.728
Maturity	0.016	0.254^***	0.282^***	0.157^***	0.196^***	0.012	−0.117^***	0.162^***	−0.183^***	0.077^*	1		1.227
GDP	0.048	0.060	0.131^***	0.084^*	−0.106^**	0.200^***	0.047	−0.077^*	−0.064	0.051	0.125^***	1	1.109

	Spread	CDT	Leverage	Size	Turnover	ROE	SOE	Redeemable	Rating	Amount	Maturity	GDP	VIF
Spread	1												/
CDT	−0.325^***	1											/
Leverage	−0.182^***	0.628^***	1										2.403
Size	−0.446^***	0.561^***	0.676^***	1									2.856
Turnover	0.093^**	0.230^***	0.168^***	−0.082^*	1								1.309
ROE	−0.071	0.058	0.153^***	0.186^***	−0.002	1							1.114
SOE	−0.062	−0.316^***	−0.207^***	−0.128^***	−0.294^***	−0.124^***	1						1.308
Redeemable	0.004	−0.004	−0.016	−0.025	0.033	−0.065	0.070	1					1.078
Rating	−0.264^***	0.038	0.038	0.246^***	−0.152^***	0.026	0.049	0.104^**	1				1.188
Amount	−0.208^***	0.345^***	0.415^***	0.596^***	−0.087^**	0.204^***	−0.282^***	−0.082^*	0.194^***	1			1.728
Maturity	0.016	0.254^***	0.282^***	0.157^***	0.196^***	0.012	−0.117^***	0.162^***	−0.183^***	0.077^*	1		1.227
GDP	0.048	0.060	0.131^***	0.084^*	−0.106^**	0.200^***	0.047	−0.077^*	−0.064	0.051	0.125^***	1	1.109

Note(s): This table reports Pearson correlation coefficients among the main variables. VIF denotes variance inflation factor. *, **, and *** indicate significance at the 10%, 5%, and 1% levels, respectively

Source(s): Author’s own work

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