Note(s): The Table presents the correlation matrix of the variables employed in the study. LPROD, CAPUTI, SCSALES, AGE and GRAFT are, respectively, annual labour productivity growth, percentage capital utilisation, security cost as a percentage of annual sales, age of the firm in years, and graft index. QCERT and EXAUDIT are respectively the percentage of firms with internationally recognised quality certification and the percentage of firms with annual financial statements reviewed by an external auditor. Also, PDOM, PFOR, and GOV are the proportion of private domestic ownership, private foreign ownership, and state ownership in a firm, respectively