Table 3 Matrix correlation Variables (1)... | Emerald Publishing

Table 3

Matrix correlation

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)
(1) Return on assets	1.000
(2) Return on equity	0.542	1.000
(3) EPS	0.603	0.679	1.000
(4) Tobin’s Q	0.328	0.326	0.213	1.000
(5) Equity multiplier	−0.218	−0.075	−0.222	−0.369	1.000
(6) Interest coverage	0.360	0.298	0.328	0.279	−0.453	1.000
(7) Fixed charge coverage ratio	0.326	0.230	0.256	0.260	−0.442	0.434	1.000
(8) Degree of financial leverage	−0.044	−0.057	−0.057	−0.038	0.061	−0.037	−0.020	1.000
(9) Debt-to-EBITDA ratio	−0.205	−0.236	−0.264	−0.356	0.493	−0.307	−0.308	0.014	1.000
(10) Capitalization ratio	−0.242	−0.026	−0.204	−0.379	0.511	−0.470	−0.476	0.071	0.501	1.000
(11) Age	0.051	0.081	0.168	0.019	−0.042	0.087	0.058	−0.004	−0.038	−0.026	1.000
(12) Sales growth	0.325	0.372	0.255	0.192	−0.053	0.115	0.084	−0.005	−0.136	−0.036	−0.019	1.000
(13) The size of firm	0.102	0.156	0.193	0.125	0.142	0.004	0.002	0.037	−0.012	0.165	0.349	0.087	1.000

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)
(1) Return on assets	1.000
(2) Return on equity	0.542	1.000
(3) EPS	0.603	0.679	1.000
(4) Tobin’s Q	0.328	0.326	0.213	1.000
(5) Equity multiplier	−0.218	−0.075	−0.222	−0.369	1.000
(6) Interest coverage	0.360	0.298	0.328	0.279	−0.453	1.000
(7) Fixed charge coverage ratio	0.326	0.230	0.256	0.260	−0.442	0.434	1.000
(8) Degree of financial leverage	−0.044	−0.057	−0.057	−0.038	0.061	−0.037	−0.020	1.000
(9) Debt-to-EBITDA ratio	−0.205	−0.236	−0.264	−0.356	0.493	−0.307	−0.308	0.014	1.000
(10) Capitalization ratio	−0.242	−0.026	−0.204	−0.379	0.511	−0.470	−0.476	0.071	0.501	1.000
(11) Age	0.051	0.081	0.168	0.019	−0.042	0.087	0.058	−0.004	−0.038	−0.026	1.000
(12) Sales growth	0.325	0.372	0.255	0.192	−0.053	0.115	0.084	−0.005	−0.136	−0.036	−0.019	1.000
(13) The size of firm	0.102	0.156	0.193	0.125	0.142	0.004	0.002	0.037	−0.012	0.165	0.349	0.087	1.000

Source(s): Authors’ own work