Table 4

Correlation coefficients for the different Z-score metrics

Zs1Zs2Zs3Zs4Zs5Zs6
Zs11     
Zs20.7853***1    
Zs30.9863***0.7756***1   
Zs40.9943***0.7825***0.9928***1  
Zs50.9821***0.7688***0.9910***0.9841***1 
Zs60.6885***0.5398***0.6711***0.6831***0.6609***1

Note(s): This table reports the pairwise correlation coefficients for six different Z-score measures. Zs1 is defined in Equation [3], Zs2 is defined in Equation [4], Zs3 is defined in Equation [5], Zs4 is defined in Equation [6], Zs5 is defined in Equation [7], and Zs6 is defined in Equation [8]. All of these measures are calculated in logarithms. Our final dataset comprises 183 insurers (1,382 observations) operating in the Spanish insurance sector during the period 2010–2017. ***indicates significance at the 1 percent level

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