Table 2

Correlation matrix

MeanSD12345678
Firm size42.4847.791       
Industry dummy0.280.450.29**1      
COVID-19 duration expectation2.591.190.030.001     
Financial dependence on largest customer31.0524.700.000.10−0.061    
Customer retention3.770.910.060.01−0.04−0.011   
Wage subsidy0.710.45−0.020.120.060.06−0.091  
New product development capabilities4.821.240.050.04−0.04−0.060.36**−0.071 
Marketing communications capabilities4.631.33−0.03−0.08−0.02−0.14*0.38**−0.070.63**1
Flexibility2.561.00−0.14*−0.080.03−0.040.120.13*0.120.16*

Note(s): **p ≤ 0.01 and *p ≤ 0.05

Source(s): Created by authors

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