Correlations analysis of the variables
| Variables | VAC Sig. | SIZE Sig. | LEVERAGE Sig. | ROA Sig. | ROE Sig. | CEE Sig. | HCE Sig. | SCE Sig. |
|---|---|---|---|---|---|---|---|---|
| VAIC Sig. | 1.000 | 0.268*** 0.010 | 0.258** 0.012 | 0.607*** 0.000 | 0.533*** 0.000 | |||
| SIZE Sig. | 1.000 | 0.279*** 0.007 | 0.179 0.088 | 0.231** 0.027 | 0.204 0.051 | 0.274*** 0.008 | −0.128 0.223 | |
| LEVERAGE Sig. | 1.000 | 0.283*** 0.006 | 0.354*** 0.001 | 0.224** 0.031 | 0.265*** 0.010 | −0.178 0.088 | ||
| ROA Sig. | 1.000 | 0.779*** 0.000 | 0.774*** 0.000 | 0.605*** 0.000 | −0.172 0.099 | |||
| ROE Sig. | 1.000 | 0.691*** 0.000 | 0.532*** 0.000 | −0.181 0.082 | ||||
| CEE Sig. | 1.000 | 0.736*** 0.000 | −0.169 0.104 | |||||
| HCE Sig. | 1.000 | −0.082 0.437 | ||||||
| SCE Sig. | 1.000 |
| Variables | VAC | SIZE | LEVERAGE | ROA | ROE | CEE | HCE | SCE |
|---|---|---|---|---|---|---|---|---|
| VAIC | 1.000 | 0.268 | 0.258 | 0.607 | 0.533 | |||
| SIZE | 1.000 | 0.279 | 0.179 | 0.231 | 0.204 | 0.274 | −0.128 | |
| LEVERAGE | 1.000 | 0.283 | 0.354 | 0.224 | 0.265 | −0.178 | ||
| ROA | 1.000 | 0.779 | 0.774 | 0.605 | −0.172 | |||
| ROE | 1.000 | 0.691 | 0.532 | −0.181 | ||||
| CEE | 1.000 | 0.736 | −0.169 | |||||
| HCE | 1.000 | −0.082 | ||||||
| SCE | 1.000 |
Notes:
*** significant at 0.01 level; ** significant at 0.05 level
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