Table 2

Correlation analysis

EMAvgID_TotalSIZELEVCFOt-1MBROAt-1PPEt-1INTANt-1OWNFORAGELOSSBIG4
EM1             
AvgID_Total0.021            
SIZE−0.069***0.263***1           
LEV0.115***−0.0270.178***1          
CFOt-1−0.068***0.071***0.188***−0.150***1         
MB0.156***−0.103***−0.120***0.087***0.0121        
ROAt-1−0.167***0.095***0.223***−0.315***0.405***−0.107***1       
PPEt-1−0.152***0.039**0.063***0.201***0.130***−0.037**0.0181      
INTANt-10.030*0.071***0.264***0.0220.120***0.077***0.033*−0.125***1     
OWN−0.121***0.184***0.008−0.061***0.066***−0.107***0.128***0.070***−0.048***1    
FOR−0.053***0.090***0.525***−0.113***0.236***0.0120.208***−0.038**0.168***−0.247***1   
AGE−0.095***0.016−0.021−0.009−0.102***−0.190***−0.073***0.026−0.137***−0.121***−0.0261  
LOSS0.140***−0.128***−0.223***0.236***−0.393***0.095***−0.449***0.009−0.047***−0.115***−0.204***0.0141 
BIG40.031*0.132***0.469***0.052***0.117***0.032*0.122***−0.069***0.218***0.0080.272***−0.138***−0.123***1

Note(s): *, **, and *** indicate statistical significance at the 10%, 5%, and 1% levels, respectively

Source(s): Table by author
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