Table 6 Pearson correlation coefficients...

Table 6

Pearson correlation coefficients

	$∆$ CTV_i,t	$∆$ MS_i,t	$∆$ RPR_i,t	$∆$ TPR_i,t	$∆$ CPI_t	$∆$ CCSI_t	$∆$ GDP_t
$∆$ MS_i,t	0.7173***
$∆$ RPR_i,t	0.3940***	0.1532
$∆$ TPR_i,t	−0.6128***	−0.6345***	0.1085
$∆$ CPI_t	−0.2920***	−0.0281	−0.3778***	−0.1322*
$∆$ CCSI_t	0.1052	0.0647	0.1751**	0.0595	−0.1267*
$∆$ GDP_t	−0.0462	−0.0408	−0.0155	0.0153	0.2517***	0.1224*
$∆$ BADLR_i,t	−0.2952***	−0.2501**	−0.0631	0.1761**	0.1508**	0.0066	0.0694
$∆$ OE_i,t	0.3223***	0.1809*	0.2286***	−0.0019	−0.1805**	−0.0642	−0.2123***
$∆$ PCS_i,t	0.4400***	0.2393**	0.3523***	0.0242	−0.2968***	0.0078	0.0096
$∆$ CCR_i,t	−0.4553***	−0.3931***	−0.1145	0.4248***	0.1287*	−0.0300	0.0915
	$∆$ BADLR_i,t	$∆$ OE_i,t	$∆$ PCS_i,t
$∆$ OE_i,t	0.0073
$∆$ PCS_i,t	−0.1044	0.3278***
$∆$ CCR_i,t	0.1213	−0.1178	−0.1554**

	$∆$ CTV_i,t	$∆$ MS_i,t	$∆$ RPR_i,t	$∆$ TPR_i,t	$∆$ CPI_t	$∆$ CCSI_t	$∆$ GDP_t
$∆$ MS_i,t	0.7173***
$∆$ RPR_i,t	0.3940***	0.1532
$∆$ TPR_i,t	−0.6128***	−0.6345***	0.1085
$∆$ CPI_t	−0.2920***	−0.0281	−0.3778***	−0.1322*
$∆$ CCSI_t	0.1052	0.0647	0.1751**	0.0595	−0.1267*
$∆$ GDP_t	−0.0462	−0.0408	−0.0155	0.0153	0.2517***	0.1224*
$∆$ BADLR_i,t	−0.2952***	−0.2501**	−0.0631	0.1761**	0.1508**	0.0066	0.0694
$∆$ OE_i,t	0.3223***	0.1809*	0.2286***	−0.0019	−0.1805**	−0.0642	−0.2123***
$∆$ PCS_i,t	0.4400***	0.2393**	0.3523***	0.0242	−0.2968***	0.0078	0.0096
$∆$ CCR_i,t	−0.4553***	−0.3931***	−0.1145	0.4248***	0.1287*	−0.0300	0.0915
	$∆$ BADLR_i,t	$∆$ OE_i,t	$∆$ PCS_i,t
$∆$ OE_i,t	0.0073
$∆$ PCS_i,t	−0.1044	0.3278***
$∆$ CCR_i,t	0.1213	−0.1178	−0.1554**

Note(s): This table presents the correlation matrix. The definitions and measures of the variables are identical to those in Table 2. ***, ** and * indicate significance at the 1%, 5% and 10% levels, respectively

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