Table 3

Pearson correlation

REM1REM2REM3AEMFirmSizeDebtSizeInstOwnMBInstQualEcon
REM11         
REM20.184***1        
REM3−0.318***0.382***1       
AEM0.202***−0.003−0.108***1      
FirmSize−0.177***−0.0040.061***0.149***1     
DebtSize0.234***−0.034***−0.134***0.267***−0.0001    
InstOwn−0.060***−0.187***−0.072***−0.035***0.456***0.026**1   
MB−0.000−0.078***−0.041***0.024**−0.014−0.0000.032***1  
InstQual0.060***−0.145***−0.111***−0.018*0.190***0.0020.194***−0.0061 
Econ0.008−0.023**−0.050***−0.057***0.166***−0.056***−0.048***−0.0120.586***1

Note(s): *p < 0.1, **p < 0.05 and ***p < 0.01

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