Table 2 Correlation matrix (ROA, ROE,...

Table 2

Correlation matrix (ROA, ROE, NIM and macroeconomic conditions)

	ROA	ROE	NIM	Inflation	Inflexp	Recprob	Influnc	Macrounc
ROA	1
ROE		1
NIM			1
Infl	−0.057	0.0966	0.271**	1
Infexp	−0.270^**	−0.195*	−0.0696	0.580^***	1
Recprob	0.102	0.0816	−0.0716	0.184^*	0.149	1
Influnc	−0.267^**	−0.285**	−0.204*	−0.238^**	−0.125	−0.0456	1
Macrounc	−0.453^***	−0.442***	−0.236**	−0.168	−0.0913	−0.0599	0.687^***	1

	ROA	ROE	NIM	Inflation	Inflexp	Recprob	Influnc	Macrounc
ROA	1
ROE		1
NIM			1
Infl	−0.057	0.0966	0.271**	1
Infexp	−0.270^**	−0.195*	−0.0696	0.580^***	1
Recprob	0.102	0.0816	−0.0716	0.184^*	0.149	1
Influnc	−0.267^**	−0.285**	−0.204*	−0.238^**	−0.125	−0.0456	1
Macrounc	−0.453^***	−0.442***	−0.236**	−0.168	−0.0913	−0.0599	0.687^***	1

Note(s): ^*p < 0.05, ^**p < 0.01, ^***p < 0.001 (asterisks denotes levels of significance at various alpha levels)

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