Table VII. Pearson correlation matrix...

Table VII.

Pearson correlation matrix between independent variables

Variables	CAR	ETAR	LIQD	OETA	LP	OFBSTA	INCD	CONC3	GGR	DPR	BLINT	INFLR	LEV
CAR	1
ETAR	0.61***	1
LIQD	0.02	0.24***	1
OETA	0.05	0.09*	−0.18***	1
LP	0.25***	0.6***	0.32***	−0.2***	1
OFBSTA	−0.08	−0.01	0.09*	−0.09*	0.19***	1
INCD	−0.07	0.07	−0.32***	0.44***	0.07	0.15***	1
CONC3	−0.09*	−0.4***	−0.19***	−0.15***	−0.3***	0.17***	0.06	1
GGR	0.11**	0.24***	0.21***	0.09*	0.14***	−0.01	−0.06	−0.4***	1
DPR	−0.31***	−0.43***	0.1**	−0.28***	−0.18***	0.04	−0.22***	0.05	−0.01	1
BLINT	0.19***	0.29***	−0.08	0.07	0.17***	−0.16***	−0.15***	−0.17***	0.02	−0.15***	1
INFLR	0.19***	0.46***	0.24***	0.14***	0.32***	−0.17***	−0.03	−0.61***	0.44***	−0.06	0.59***	1
LEV	−0.09*	−0.22***	−0.05	−0.02	−0.18***	0.01	−0.06	0.14***	−0.11**	0.09*	−0.04	−0.12**	1

Variables	CAR	ETAR	LIQD	OETA	LP	OFBSTA	INCD	CONC3	GGR	DPR	BLINT	INFLR	LEV
CAR	1
ETAR	0.61***	1
LIQD	0.02	0.24***	1
OETA	0.05	0.09*	−0.18***	1
LP	0.25***	0.6***	0.32***	−0.2***	1
OFBSTA	−0.08	−0.01	0.09*	−0.09*	0.19***	1
INCD	−0.07	0.07	−0.32***	0.44***	0.07	0.15***	1
CONC3	−0.09*	−0.4***	−0.19***	−0.15***	−0.3***	0.17***	0.06	1
GGR	0.11**	0.24***	0.21***	0.09*	0.14***	−0.01	−0.06	−0.4***	1
DPR	−0.31***	−0.43***	0.1**	−0.28***	−0.18***	0.04	−0.22***	0.05	−0.01	1
BLINT	0.19***	0.29***	−0.08	0.07	0.17***	−0.16***	−0.15***	−0.17***	0.02	−0.15***	1
INFLR	0.19***	0.46***	0.24***	0.14***	0.32***	−0.17***	−0.03	−0.61***	0.44***	−0.06	0.59***	1
LEV	−0.09*	−0.22***	−0.05	−0.02	−0.18***	0.01	−0.06	0.14***	−0.11**	0.09*	−0.04	−0.12**	1

Notes:

Total number of observations 413;

***correlation is significant at 1 per cent level (two-tailed);

**correlation is significant at 5 per cent level (two-tailed);

*correlation is significant at 10 per cent level (two-tailed);

Author calculations

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