Table 2 Correlations CashETR SOE...

Table 2

Correlations

	CashETR	SOE	PC_Board	PC_MGT	Size	ROA	Debt	Intan	Inventory	Cross_list
CashETR	1	0.092^***	0.014	0.041^***	0.016	0.059^***	−0.012	−0.022^**	0.038^***	0.042^***
SOE	0.129^***	1	0.058^***	−0.130^***	0.353^***	−0.194^***	0.228^***	−0.053^***	0.026^***	0.146^***
PC_Board	0.026^***	0.058^***	1	0.028^***	0.085^***	0.007	0.040^***	0.003	0.027^***	0.049^***
PC_MGT	0.035^***	−0.130^***	0.029^***	1	−0.032^***	0.046^***	−0.011	0.037^***	0.038^***	0.017^*
Size	−0.012	0.370^***	0.094^***	−0.021^**	1	0.018^*	0.445^***	−0.030^***	0.028^***	0.231^***
ROA	−0.038^***	−0.156^***	0.012	0.032^***	0.042^***	1	−0.161^***	0.023^**	−0.009	−0.007
Debt	0.015	0.175^***	0.038^***	−0.004	0.459^***	−0.042^***	1	0.064^***	−0.007	0.122^***
Intan	−0.012	0.003	0.013	0.015	0.044^***	0.093^***	0.164^***	1	−0.027^***	0.028^***
Inventory	0.051^***	0.030^***	0.035^***	0.026^***	0.082^***	0.070^***	0.097^***	−0.034^***	1	−0.039^***
Cross_list	0.021^**	0.146^***	0.045^***	0.022^**	0.348^***	−0.014	0.121^***	0.056^***	−0.040^***	1

	CashETR	SOE	PC_Board	PC_MGT	Size	ROA	Debt	Intan	Inventory	Cross_list
CashETR	1	0.092^***	0.014	0.041^***	0.016	0.059^***	−0.012	−0.022^**	0.038^***	0.042^***
SOE	0.129^***	1	0.058^***	−0.130^***	0.353^***	−0.194^***	0.228^***	−0.053^***	0.026^***	0.146^***
PC_Board	0.026^***	0.058^***	1	0.028^***	0.085^***	0.007	0.040^***	0.003	0.027^***	0.049^***
PC_MGT	0.035^***	−0.130^***	0.029^***	1	−0.032^***	0.046^***	−0.011	0.037^***	0.038^***	0.017^*
Size	−0.012	0.370^***	0.094^***	−0.021^**	1	0.018^*	0.445^***	−0.030^***	0.028^***	0.231^***
ROA	−0.038^***	−0.156^***	0.012	0.032^***	0.042^***	1	−0.161^***	0.023^**	−0.009	−0.007
Debt	0.015	0.175^***	0.038^***	−0.004	0.459^***	−0.042^***	1	0.064^***	−0.007	0.122^***
Intan	−0.012	0.003	0.013	0.015	0.044^***	0.093^***	0.164^***	1	−0.027^***	0.028^***
Inventory	0.051^***	0.030^***	0.035^***	0.026^***	0.082^***	0.070^***	0.097^***	−0.034^***	1	−0.039^***
Cross_list	0.021^**	0.146^***	0.045^***	0.022^**	0.348^***	−0.014	0.121^***	0.056^***	−0.040^***	1

Note(s): 1. The dependent measures and independent variables are defined in Appendix

2. Lower-triangular cells report Pearson's correlation coefficients, and upper-triangular cells are Spearman's rank correlation

3. ^***, ^** and ^* denote statistical significance at the 1, 5 and 10% levels, respectively

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