Variables and correlation
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 Operating loss | 1.00 | |||||||||||||||||||
| 2 Ultimate owner | 0.09 (0.00) | 1.00 | ||||||||||||||||||
| 3 Ownership concentration | −0.10 (0.00) | 0.08 (0.00) | 1.00 | |||||||||||||||||
| 4 Leverage | 0.21 (0.00) | 0.32 (0.00) | −0.05 (0.00) | 1.00 | ||||||||||||||||
| 5 Current liability ratio | −0.03 (0.01) | −0.12 (0.00) | −0.00 (0.92) | −0.18 (0.00) | 1.00 | |||||||||||||||
| 6 Year since acquisitions | −0.02 (0.03) | 0.06 (0.00) | −0.07 (0.00) | 0.01 (0.24) | −0.02 (0.05) | 1.00 | ||||||||||||||
| 7 Event types | 0.02 (0.08) | 0.00 (0.87) | 0.04 (0.00) | 0.00 (0.82) | −0.06 (0.00) | 0.00 (0.97) | 1.00 | |||||||||||||
| 8 Targets | 0.00 (0.91) | −0.01 (0.41) | −0.03 (0.03) | 0.12 (0.00) | −0.04 (0.00) | −0.06 (0.00) | 0.05 (0.00) | 1.00 | ||||||||||||
| 9 Cash payment | 0.03 (0.03) | 0.08 (0.00) | 0.04 (0.00) | 0.09 (0.00) | −0.05 (0.00) | −0.04 (0.00) | 0.05 (0.00) | 0.07 (0.00) | 1.00 | |||||||||||
| 10 No. of acquisitions | 0.05 (0.00) | 0.06 (0.00) | −0.18 (0.00) | 0.20 (0.00) | −0.16 (0.00) | −0.13 (0.00) | 0.06 (0.00) | 0.10 (0.00) | 0.02 (0.19) | 1.00 | ||||||||||
| 11 Firm size | −0.02 (0.05) | 0.27 (0.00) | 0.12 (0.00) | 0.37 (0.00) | −0.15 (0.00) | 0.09 (0.00) | 0.09 (0.00) | 0.07 (0.00) | 0.02 (0.08) | 0.24 (0.00) | 1.00 | |||||||||
| 12 Tangible asset ratio | −0.05 (0.00) | 0.16 (0.00) | 0.08 (0.00) | 0.11 (0.00) | 0.01 (0.33) | 0.08 (0.00) | 0.01 (0.30) | −0.07 (0.00) | −0.11 (0.00) | −0.11 (0.00) | 0.09 (0.00) | 1.00 | ||||||||
| 13 Firm age | 0.07 (0.00) | 0.09 (0.00) | −0.30 (0.00) | 0.12 (0.00) | −0.10 (0.00) | 0.11 (0.00) | 0.01 (0.33) | 0.07 (0.00) | 0.11 (0.00) | 0.33 (0.00) | 0.12 (0.00) | −0.08 (0.00) | 1.00 | |||||||
| 14 Board independence | 0.02 (0.13) | −0.08 (0.00) | 0.05 (0.00) | −0.05 (0.00) | −0.01 (0.24) | 0.01 (0.41) | 0.03 (0.00) | 0.03 (0.01) | −0.04 (0.00) | 0.02 (0.07) | −0.01 (0.33) | −0.03 (0.01) | 0.01 (0.21) | 1.00 | ||||||
| 15 Number of directors | −0.02 (0.13) | 0.26 (0.00) | 0.01 (0.41) | 0.19 (0.00) | −0.07 (0.00) | 0.02 (0.15) | 0.01 (0.23) | −0.00 (0.78) | 0.04 (0.00) | −0.01 (0.40) | 0.28 (0.00) | 0.08 (0.00) | 0.02 (0.13) | 0.30 (0.00) | 1.00 | |||||
| 16 Industry median ROA | −0.18 (0.00) | −0.05 (0.00) | −0.02 (0.18) | −0.15 (0.00) | 0.03 (0.01) | 0.03 (0.00) | 0.03 (0.01) | 0.02 (0.15) | −0.03 (0.01) | 0.03 (0.00) | −0.02 (0.03) | −0.08 (0.00) | 0.03 (0.00) | 0.02 (0.19) | 0.01 (0.38) | 1.00 | ||||
| 17 Incentive schemes | −0.08 (0.00) | −0.25 (0.00) | −0.03 (0.01) | −0.15 (0.00) | 0.03 (0.00) | −0.00 (0.78) | 0.00 (0.81) | 0.00 (0.99) | −0.05 (0.00) | 0.02 (0.04) | −0.03 (0.01) | −0.11 (0.00) | −0.00 (0.69) | 0.07 (0.00) | −0.10 (0.00) | 0.05 (0.00) | 1.00 | |||
| 18 Year | −0.01 (0.52) | −0.29 (0.00) | −0.12 (0.00) | −0.22 (0.00) | −0.07 (0.00) | 0.11 (0.00) | 0.07 (0.00) | 0.02 (0.04) | 0.03 (0.02) | 0.33 (0.00) | −0.00 (0.77) | −0.21 (0.00) | 0.38 (0.00) | 0.15 (0.00) | −0.19 (0.00) | 0.08 (0.00) | 0.23 (0.00) | 1.00 | ||
| 19 Region | 0.06 (0.00) | 0.19 (0.00) | −0.06 (0.00) | 0.13 (0.00) | −0.12 (0.00) | −0.00 (0.95) | 0.03 (0.01) | −0.01 (0.24) | 0.10 (0.00) | 0.06 (0.00) | 0.05 (0.00) | 0.00 (0.93) | 0.03 (0.02) | −0.03 (0.03) | 0.10 (0.00) | 0.01 (0.41) | −0.12 (0.00) | −0.11 (0.00) | 1.00 | |
| 20 Operating loss five-year prior | 0.26 (0.00) | 0.08 (0.00) | −0.12 (0.00) | 0.16 (0.00) | −0.00 (0.90) | −0.10 (0.00) | 0.03 (0.00) | 0.06 (0.00) | 0.12 (0.00) | 0.19 (0.00) | −0.01 (0.40) | −0.05 (0.00) | 0.17 (0.00) | 0.01 (0.27) | −0.02 (0.13) | −0.07 (0.00) | −0.07 (0.00) | 0.11 (0.00) | 0.07 (0.00) | 1.00 |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 Operating loss | 1.00 | |||||||||||||||||||
| 2 Ultimate owner | 0.09 (0.00) | 1.00 | ||||||||||||||||||
| 3 Ownership concentration | −0.10 (0.00) | 0.08 (0.00) | 1.00 | |||||||||||||||||
| 4 Leverage | 0.21 (0.00) | 0.32 (0.00) | −0.05 (0.00) | 1.00 | ||||||||||||||||
| 5 Current liability ratio | −0.03 (0.01) | −0.12 (0.00) | −0.00 (0.92) | −0.18 (0.00) | 1.00 | |||||||||||||||
| 6 Year since acquisitions | −0.02 (0.03) | 0.06 (0.00) | −0.07 (0.00) | 0.01 (0.24) | −0.02 (0.05) | 1.00 | ||||||||||||||
| 7 Event types | 0.02 (0.08) | 0.00 (0.87) | 0.04 (0.00) | 0.00 (0.82) | −0.06 (0.00) | 0.00 (0.97) | 1.00 | |||||||||||||
| 8 Targets | 0.00 (0.91) | −0.01 (0.41) | −0.03 (0.03) | 0.12 (0.00) | −0.04 (0.00) | −0.06 (0.00) | 0.05 (0.00) | 1.00 | ||||||||||||
| 9 Cash payment | 0.03 (0.03) | 0.08 (0.00) | 0.04 (0.00) | 0.09 (0.00) | −0.05 (0.00) | −0.04 (0.00) | 0.05 (0.00) | 0.07 (0.00) | 1.00 | |||||||||||
| 10 No. of acquisitions | 0.05 (0.00) | 0.06 (0.00) | −0.18 (0.00) | 0.20 (0.00) | −0.16 (0.00) | −0.13 (0.00) | 0.06 (0.00) | 0.10 (0.00) | 0.02 (0.19) | 1.00 | ||||||||||
| 11 Firm size | −0.02 (0.05) | 0.27 (0.00) | 0.12 (0.00) | 0.37 (0.00) | −0.15 (0.00) | 0.09 (0.00) | 0.09 (0.00) | 0.07 (0.00) | 0.02 (0.08) | 0.24 (0.00) | 1.00 | |||||||||
| 12 Tangible asset ratio | −0.05 (0.00) | 0.16 (0.00) | 0.08 (0.00) | 0.11 (0.00) | 0.01 (0.33) | 0.08 (0.00) | 0.01 (0.30) | −0.07 (0.00) | −0.11 (0.00) | −0.11 (0.00) | 0.09 (0.00) | 1.00 | ||||||||
| 13 Firm age | 0.07 (0.00) | 0.09 (0.00) | −0.30 (0.00) | 0.12 (0.00) | −0.10 (0.00) | 0.11 (0.00) | 0.01 (0.33) | 0.07 (0.00) | 0.11 (0.00) | 0.33 (0.00) | 0.12 (0.00) | −0.08 (0.00) | 1.00 | |||||||
| 14 Board independence | 0.02 (0.13) | −0.08 (0.00) | 0.05 (0.00) | −0.05 (0.00) | −0.01 (0.24) | 0.01 (0.41) | 0.03 (0.00) | 0.03 (0.01) | −0.04 (0.00) | 0.02 (0.07) | −0.01 (0.33) | −0.03 (0.01) | 0.01 (0.21) | 1.00 | ||||||
| 15 Number of directors | −0.02 (0.13) | 0.26 (0.00) | 0.01 (0.41) | 0.19 (0.00) | −0.07 (0.00) | 0.02 (0.15) | 0.01 (0.23) | −0.00 (0.78) | 0.04 (0.00) | −0.01 (0.40) | 0.28 (0.00) | 0.08 (0.00) | 0.02 (0.13) | 0.30 (0.00) | 1.00 | |||||
| 16 Industry median ROA | −0.18 (0.00) | −0.05 (0.00) | −0.02 (0.18) | −0.15 (0.00) | 0.03 (0.01) | 0.03 (0.00) | 0.03 (0.01) | 0.02 (0.15) | −0.03 (0.01) | 0.03 (0.00) | −0.02 (0.03) | −0.08 (0.00) | 0.03 (0.00) | 0.02 (0.19) | 0.01 (0.38) | 1.00 | ||||
| 17 Incentive schemes | −0.08 (0.00) | −0.25 (0.00) | −0.03 (0.01) | −0.15 (0.00) | 0.03 (0.00) | −0.00 (0.78) | 0.00 (0.81) | 0.00 (0.99) | −0.05 (0.00) | 0.02 (0.04) | −0.03 (0.01) | −0.11 (0.00) | −0.00 (0.69) | 0.07 (0.00) | −0.10 (0.00) | 0.05 (0.00) | 1.00 | |||
| 18 Year | −0.01 (0.52) | −0.29 (0.00) | −0.12 (0.00) | −0.22 (0.00) | −0.07 (0.00) | 0.11 (0.00) | 0.07 (0.00) | 0.02 (0.04) | 0.03 (0.02) | 0.33 (0.00) | −0.00 (0.77) | −0.21 (0.00) | 0.38 (0.00) | 0.15 (0.00) | −0.19 (0.00) | 0.08 (0.00) | 0.23 (0.00) | 1.00 | ||
| 19 Region | 0.06 (0.00) | 0.19 (0.00) | −0.06 (0.00) | 0.13 (0.00) | −0.12 (0.00) | −0.00 (0.95) | 0.03 (0.01) | −0.01 (0.24) | 0.10 (0.00) | 0.06 (0.00) | 0.05 (0.00) | 0.00 (0.93) | 0.03 (0.02) | −0.03 (0.03) | 0.10 (0.00) | 0.01 (0.41) | −0.12 (0.00) | −0.11 (0.00) | 1.00 | |
| 20 Operating loss five-year prior | 0.26 (0.00) | 0.08 (0.00) | −0.12 (0.00) | 0.16 (0.00) | −0.00 (0.90) | −0.10 (0.00) | 0.03 (0.00) | 0.06 (0.00) | 0.12 (0.00) | 0.19 (0.00) | −0.01 (0.40) | −0.05 (0.00) | 0.17 (0.00) | 0.01 (0.27) | −0.02 (0.13) | −0.07 (0.00) | −0.07 (0.00) | 0.11 (0.00) | 0.07 (0.00) | 1.00 |
Source(s): CSMAR 2003–2014
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