Table 4 Pairwise correlation among the... | Emerald Publishing

Table 4

Pairwise correlation among the selected variables

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
(1) ROA	1
(2) S	−0.257*	1
(3) ΔS	0.269*	−0.153*	1
(4) LEV	−0.313*	0.188*	0.014*	1
(5) COMP	−0.034*	0.050*	0.027*	−0.016*	1
(6) TANG	−0.135*	0.168*	−0.211*	0.153*	0.002	1
(7) ΔGDP	0.225*	−0.474*	0.299*	−0.002	0.037*	−0.157*	1
(8) MCR	0.073*	−0.234*	0.010*	−0.066*	−0.245*	−0.052*	0.057*	1
VIF	1.42	1.39	1.14	1.13	1.10	1.07	1.07	1.19

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
(1) ROA	1
(2) S	−0.257*	1
(3) ΔS	0.269*	−0.153*	1
(4) LEV	−0.313*	0.188*	0.014*	1
(5) COMP	−0.034*	0.050*	0.027*	−0.016*	1
(6) TANG	−0.135*	0.168*	−0.211*	0.153*	0.002	1
(7) ΔGDP	0.225*	−0.474*	0.299*	−0.002	0.037*	−0.157*	1
(8) MCR	0.073*	−0.234*	0.010*	−0.066*	−0.245*	−0.052*	0.057*	1
VIF	1.42	1.39	1.14	1.13	1.10	1.07	1.07	1.19

Note(s): 1. *shows significance at the 0.05 level

Source(s): Authors’ calculations based on COMPUSTAT Global Database and World Bank Database