Correlation matrix
| Variables | VIF | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) | (11) | (12) | (13) | (14) | (15) | (16) | (17) | (18) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PEG (1) | 1.000 | ||||||||||||||||||
| MPEG (2) | 0.757 | 1.000 | |||||||||||||||||
| GP (3) | 1.12 | −0.025 | −0.041 | 1.000 | |||||||||||||||
| GPR (4) | 1.10 | −0.026 | −0.037 | 0.924 | 1.000 | ||||||||||||||
| SIZE (5) | 2.13 | 0.158 | 0.162 | 0.208 | 0.194 | 1.000 | |||||||||||||
| TOBIN_Q (6) | 1.50 | −0.200 | −0.203 | −0.068 | −0.070 | −0.370 | 1.000 | ||||||||||||
| DEBT (7) | 1.52 | 0.242 | 0.187 | 0.080 | 0.082 | 0.544 | −0.264 | 1.000 | |||||||||||
| ROA (8) | 1.27 | −0.100 | −0.131 | −0.007 | −0.007 | −0.087 | 0.145 | −0.378 | 1.000 | ||||||||||
| AGE (9) | 1.31 | 0.178 | 0.169 | −0.006 | −0.014 | 0.434 | 0.045 | 0.431 | −0.214 | 1.000 | |||||||||
| REST (10) | 1.23 | 0.051 | 0.080 | −0.003 | −0.003 | −0.015 | 0.029 | 0.002 | −0.024 | 0.021 | 1.000 | ||||||||
| DAC (11) | 1.14 | 0.070 | 0.090 | −0.020 | −0.016 | 0.019 | −0.020 | −0.023 | 0.146 | −0.013 | 0.023 | 1.000 | |||||||
| CSRR (12) | 1.18 | −0.031 | −0.065 | 0.039 | 0.033 | 0.283 | −0.073 | 0.042 | 0.128 | 0.058 | −0.075 | 0.047 | 1.000 | ||||||
| SOE (13) | 1.61 | 0.073 | 0.050 | 0.011 | 0.011 | 0.350 | −0.142 | 0.322 | −0.145 | 0.411 | −0.069 | −0.020 | 0.158 | 1.000 | |||||
| TOP10 (14) | 1.37 | 0.050 | −0.011 | 0.013 | 0.016 | 0.198 | −0.128 | 0.076 | 0.087 | −0.077 | −0.057 | 0.001 | 0.136 | 0.237 | 1.000 | ||||
| IOWN (15) | 1.55 | 0.010 | −0.019 | 0.067 | 0.058 | 0.451 | 0.090 | 0.256 | 0.044 | 0.438 | −0.029 | 0.008 | 0.215 | 0.346 | 0.261 | 1.000 | |||
| BSIZE (16) | 1.34 | 0.037 | 0.029 | 0.041 | 0.031 | 0.237 | −0.132 | 0.168 | −0.021 | 0.129 | −0.031 | −0.011 | 0.130 | 0.269 | 0.008 | 0.163 | 1.000 | ||
| BIND (17) | 1.21 | 0.008 | 0.010 | 0.011 | 0.012 | 0.043 | 0.041 | −0.004 | −0.013 | −0.028 | 0.013 | 0.013 | 0.005 | −0.048 | 0.061 | −0.016 | −0.496 | 1.000 | |
| DUAL (28) | 1.14 | −0.053 | −0.041 | 0.006 | 0.012 | −0.175 | 0.053 | −0.175 | 0.074 | −0.244 | 0.031 | 0.013 | −0.076 | −0.300 | −0.041 | −0.178 | −0.178 | 0.101 | 1.000 |
| Variables | VIF | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) | (11) | (12) | (13) | (14) | (15) | (16) | (17) | (18) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PEG (1) | 1.000 | ||||||||||||||||||
| MPEG (2) | 1.000 | ||||||||||||||||||
| GP (3) | 1.12 | 1.000 | |||||||||||||||||
| GPR (4) | 1.10 | 1.000 | |||||||||||||||||
| SIZE (5) | 2.13 | 1.000 | |||||||||||||||||
| TOBIN_Q (6) | 1.50 | 1.000 | |||||||||||||||||
| DEBT (7) | 1.52 | 1.000 | |||||||||||||||||
| ROA (8) | 1.27 | −0.007 | −0.007 | 1.000 | |||||||||||||||
| AGE (9) | 1.31 | −0.006 | −0.014 | 1.000 | |||||||||||||||
| REST (10) | 1.23 | 0.051 | 0.080 | −0.003 | −0.003 | −0.015 | 0.002 | 0.021 | 1.000 | ||||||||||
| DAC (11) | 1.14 | 0.070 | 0.090 | −0.020 | −0.016 | 0.019 | −0.020 | −0.023 | −0.013 | 0.023 | 1.000 | ||||||||
| CSRR (12) | 1.18 | 1.000 | |||||||||||||||||
| SOE (13) | 1.61 | 0.011 | 0.011 | −0.020 | 1.000 | ||||||||||||||
| TOP10 (14) | 1.37 | 0.050 | −0.011 | 0.013 | 0.016 | 0.001 | 1.000 | ||||||||||||
| IOWN (15) | 1.55 | 0.010 | −0.019 | 0.008 | 1.000 | ||||||||||||||
| BSIZE (16) | 1.34 | −0.021 | −0.011 | 0.008 | 1.000 | ||||||||||||||
| BIND (17) | 1.21 | 0.008 | 0.010 | 0.011 | 0.012 | −0.004 | −0.013 | 0.013 | 0.013 | 0.005 | −0.016 | 1.000 | |||||||
| DUAL (28) | 1.14 | 0.006 | 0.012 | 0.074 | 0.013 | 1.000 |
Note(s): Italic faced correlations are significant at p < 0.01. All variables are defined in Table 2. This table is prepared by the authors
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