Table 2 Correlation matrix Variables (1)...

Table 2

Correlation matrix

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	VIF
AFEE (1)	1.00
NKAMs (2)	0.31**	1.00											1.16
NKAMs (2)	0.00
BIG4 (3)	0.51**	0.14**	1.00										1.43
BIG4 (3)	0.00	0.00
GCOs (4)	−0.17**	0.11**	−0.13**	1.00									1.24
GCOs (4)	0.00	0.00	0.00
ARL (5)	−0.42**	−0.06*	−0.39**	0.38**	1.00								1.66
ARL (5)	0.00	0.03	0.00	0.00
NAFEE (6)	0.50**	0.19**	0.34**	−0.18**	−0.37**	1.00							1.37
NAFEE (6)	0.00	0.00	0.00	0.00	0.00
ATURN (7)	0.04	0.03	0.02	−0.01	−0.04	0.03	1.00						1.09
ATURN (7)	0.13	0.30	0.37	0.78	0.08	0.24
CSIZE (8)	0.85**	0.26**	0.47**	−0.26**	−0.48**	0.49**	−0.07*	1.00					6.51
CSIZE (8)	0.00	0.00	0.00	0.00	0.00	0.00	0.01
CAGE (9)	0.31**	0.15**	0.12**	−0.06*	−0.19**	0.20**	−0.03	0.30**	1.00				1.14
CAGE (9)	0.00	0.00	0.00	0.03	0.00	0.00	0.21	0.00
MCAP (10)	0.80**	0.22**	0.50**	−0.29**	−0.53**	0.51**	0.02	0.87**	0.27**	1.00			5.36
MCAP (10)	0.00	0.00	0.00	0.00	0.00	0.00	0.37	0.00	0.00
REV (11)	0.85**	0.28**	0.51**	−0.27**	−0.54**	0.50**	0.05	0.88**	0.33**	0.85**	1.00		6.18
REV (11)	0.00	0.00	0.00	0.00	0.00	0.00	0.08	0.00	0.00	0.00
COVID (12)	−0.00	−0.00	0.03	−0.05	−0.02	0.13**	−0.03	0.03	−0.00	0.06*	0.00	1.00	1.04
COVID (12)	0.93	0.91	0.20	0.06	0.32	0.00	0.19	0.26	0.95	0.02	0.87

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	VIF
AFEE (1)	1.00
NKAMs (2)	0.31**	1.00											1.16
NKAMs (2)	0.00
BIG4 (3)	0.51**	0.14**	1.00										1.43
BIG4 (3)	0.00	0.00
GCOs (4)	−0.17**	0.11**	−0.13**	1.00									1.24
GCOs (4)	0.00	0.00	0.00
ARL (5)	−0.42**	−0.06*	−0.39**	0.38**	1.00								1.66
ARL (5)	0.00	0.03	0.00	0.00
NAFEE (6)	0.50**	0.19**	0.34**	−0.18**	−0.37**	1.00							1.37
NAFEE (6)	0.00	0.00	0.00	0.00	0.00
ATURN (7)	0.04	0.03	0.02	−0.01	−0.04	0.03	1.00						1.09
ATURN (7)	0.13	0.30	0.37	0.78	0.08	0.24
CSIZE (8)	0.85**	0.26**	0.47**	−0.26**	−0.48**	0.49**	−0.07*	1.00					6.51
CSIZE (8)	0.00	0.00	0.00	0.00	0.00	0.00	0.01
CAGE (9)	0.31**	0.15**	0.12**	−0.06*	−0.19**	0.20**	−0.03	0.30**	1.00				1.14
CAGE (9)	0.00	0.00	0.00	0.03	0.00	0.00	0.21	0.00
MCAP (10)	0.80**	0.22**	0.50**	−0.29**	−0.53**	0.51**	0.02	0.87**	0.27**	1.00			5.36
MCAP (10)	0.00	0.00	0.00	0.00	0.00	0.00	0.37	0.00	0.00
REV (11)	0.85**	0.28**	0.51**	−0.27**	−0.54**	0.50**	0.05	0.88**	0.33**	0.85**	1.00		6.18
REV (11)	0.00	0.00	0.00	0.00	0.00	0.00	0.08	0.00	0.00	0.00
COVID (12)	−0.00	−0.00	0.03	−0.05	−0.02	0.13**	−0.03	0.03	−0.00	0.06*	0.00	1.00	1.04
COVID (12)	0.93	0.91	0.20	0.06	0.32	0.00	0.19	0.26	0.95	0.02	0.87

Note(s): ** represents significance at 1% and * represents significance at 5%

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