Pairwise correlations
| Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) |
|---|---|---|---|---|---|---|---|---|---|
| (1) VAIC™ | 1.000 | ||||||||
| (2) HCE | 0.981*** | 1.000 | |||||||
| (3) SCE | 0.341*** | 0.225*** | 1.000 | ||||||
| (4) CEE | 0.214*** | 0.070 | 0.046 | 1.000 | |||||
| (5) SIZE | 0.041 | 0.034 | −0.019 | 0.102* | 1.000 | ||||
| (6) COMP | −0.039 | 0.017 | −0.128** | −0.266*** | 0.689*** | 1.000 | |||
| (7) LEV | −0.138*** | −0.178*** | −0.084 | 0.303*** | 0.065 | −0.063 | 1.000 | ||
| (8) LISTING | 0.030 | 0.001 | 0.070 | 0.161*** | 0.320*** | 0.057 | 0.086 | 1.000 | |
| (9) GOV | −0.053 | −0.066 | −0.058 | 0.126** | 0.191*** | −0.066 | −0.032 | 0.076 | 1.000 |
| Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) |
|---|---|---|---|---|---|---|---|---|---|
| (1) VAIC™ | 1.000 | ||||||||
| (2) HCE | 0.981*** | 1.000 | |||||||
| (3) SCE | 0.341*** | 0.225*** | 1.000 | ||||||
| (4) CEE | 0.214*** | 0.070 | 0.046 | 1.000 | |||||
| (5) SIZE | 0.041 | 0.034 | −0.019 | 0.102* | 1.000 | ||||
| (6) COMP | −0.039 | 0.017 | −0.128** | −0.266*** | 0.689*** | 1.000 | |||
| (7) LEV | −0.138*** | −0.178*** | −0.084 | 0.303*** | 0.065 | −0.063 | 1.000 | ||
| (8) LISTING | 0.030 | 0.001 | 0.070 | 0.161*** | 0.320*** | 0.057 | 0.086 | 1.000 | |
| (9) GOV | −0.053 | −0.066 | −0.058 | 0.126** | 0.191*** | −0.066 | −0.032 | 0.076 | 1.000 |
Notes: ADIV is an asset diversity measure; IDIV is an income diversification measure; VAIC™, value added intellectual coefficient; HCE, human capital efficiency; SCE, structural capital efficiency; CEE, capital employed efficiency; SIZE, bank size; COMP, bank competition; LEV, leverage; LISTING, stock exchange listing; GOV, government ownership. *,**,***Significant at 10, 5 and 1 per cent levels, respectively
Source: Authors’ computation in STATA14
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