Correlation matrix
| Variables | RE | Access-firm | Financing | Domestic | Competition | Lack of adaptability | Compliance | Employees | Expectation | Experience | Innovation | Firm age | Owner age | International |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| RE | 1 | – | – | – | – | – | – | – | – | – | – | – | – | – |
| 11.51 | – | – | – | – | – | – | – | – | – | – | – | – | – | |
| Access-firm | 0.19 | 1 | – | – | – | – | – | – | – | – | – | – | – | – |
| 0.63 | 0.98 | – | – | – | – | – | – | – | – | – | – | – | – | |
| Financing | 0.38 | 0.22 | 1 | – | – | – | – | – | – | – | – | – | – | – |
| 3.87*** | 0.66 | 9.21*** | – | – | – | – | – | – | – | – | – | – | – | |
| Domestic | 0.06 | 0.25 | 0.22 | 1 | – | – | – | – | – | – | – | – | – | – |
| 0.61 | 0.71 | 1.9 | 8.49 | – | – | – | – | – | – | – | – | – | – | |
| Competition | 0.16 | 0.42 | 0.05 | 0.42 | 1 | – | – | – | – | – | – | – | – | – |
| 1.17 | 0.88 | 0.29 | 2.53*** | 4.39*** | – | – | – | – | – | – | – | – | – | |
| Lack of adaptability | 0.01 | −0.13 | 0.06 | −0.08 | −0.15 | 1 | – | – | – | – | – | – | – | – |
| 0.15 | −0.39 | 0.54 | −0.68 | −0.95 | 9.75*** | – | – | – | – | – | – | – | – | |
| Compliance | 0.17 | −0.13 | -0.08 | −0.32 | −0.16 | −0.06 | 1 | – | – | – | – | – | – | – |
| 1.78 | −0.41 | -0.08 | 2.97*** | −1.07 | −0.63 | 9.95 | – | – | – | – | – | – | – | |
| Employees | −0.08 | 0.05 | 0.12 | −0.11 | −0.11 | −0.14 | −0.14 | 1 | – | – | – | – | – | – |
| -0.57 | 0.1 | 0.78 | −0.67 | −0.49 | −0.88 | −0.92 | 4.35*** | – | – | – | – | – | – | |
| Expectation | −0.03 | −0.08 | 0.12 | 0.18 | −0.02 | −0.06 | −0.09 | 0.27 | 1 | – | – | – | – | – |
| −0.29 | −0.22 | 0.93 | 1.37 | −0.1 | −0.51 | −0.73 | 1.48 | 7.02*** | – | – | – | – | – | |
| Experience | 0.02 | −0.06 | 0.05 | −0.08 | −0.14 | 0.01 | 0.44 | 0 | −0.02 | 1 | – | – | – | – |
| 0.17 | −0.12 | 0.29 | −0.46 | −0.61 | 0.05 | 2.92*** | 0.01 | −0.1 | 4.39*** | – | – | – | – | |
| Innovation | 0.18 | 0.09 | 0.05 | −0.01 | −0.14 | 0.11 | −0.33 | 0 | 0.16 | 0.04 | 1 | – | – | – |
| 1.66 | 0.24 | 0.41 | −0.46 | −0.78 | 0.9 | 2.85*** | −0.01 | 1.2 | 0.22 | 7.56*** | – | – | – | |
| Firm age | −0.1 | 0.04 | 0.07 | −0.01 | −0.12 | −0.19 | 0.01 | 0.64 | 0.22 | 0.03 | -0.07 | 1 | – | – |
| 2.28*** | 0.27 | 1.42 | −0.07 | −1.65 | 3.77*** | 0.17 | 8.64*** | 3.73*** | 0.45 | −1.29 | 41.98*** | – | – | |
| Owner age | −0.12 | 0.08 | −0.11 | −0.05 | 0.07 | −0.15 | 0.12 | 0.15 | 0.01 | 0.22 | −0.09 | 0.46 | 1 | – |
| −0.6 | 0.12 | −0.48 | 0 | 0.22 | −0.66 | 0.54 | 0.46 | 0.03 | 0.69 | −0.36 | 4.35*** | 4.35*** | – | |
| International | −0.05 | 0.18 | −0.12 | −0.14 | 0.12 | −0.3 | −0.05 | −0.02 | −0.11 | 0.12 | −0.3 | −0.12 | 0.13 | 1 |
| −0.59 | 0.56 | −1.15 | −1.27 | 0.08 | 3.02*** | −0.46 | −0.13 | −0.95 | 0.8 | 2.60*** | 2.56*** | 0.62 | 10.09*** |
| Variables | RE | Access-firm | Financing | Domestic | Competition | Lack of | Compliance | Employees | Expectation | Experience | Innovation | Firm | Owner | International |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| RE | 1 | – | – | – | – | – | – | – | – | – | – | – | – | – |
| 11.51 | – | – | – | – | – | – | – | – | – | – | – | – | – | |
| Access-firm | 0.19 | 1 | – | – | – | – | – | – | – | – | – | – | – | – |
| 0.63 | 0.98 | – | – | – | – | – | – | – | – | – | – | – | – | |
| Financing | 0.38 | 0.22 | 1 | – | – | – | – | – | – | – | – | – | – | – |
| 3.87*** | 0.66 | 9.21*** | – | – | – | – | – | – | – | – | – | – | – | |
| Domestic | 0.06 | 0.25 | 0.22 | 1 | – | – | – | – | – | – | – | – | – | – |
| 0.61 | 0.71 | 1.9 | 8.49 | – | – | – | – | – | – | – | – | – | – | |
| Competition | 0.16 | 0.42 | 0.05 | 0.42 | 1 | – | – | – | – | – | – | – | – | – |
| 1.17 | 0.88 | 0.29 | 2.53*** | 4.39*** | – | – | – | – | – | – | – | – | – | |
| Lack of adaptability | 0.01 | −0.13 | 0.06 | −0.08 | −0.15 | 1 | – | – | – | – | – | – | – | – |
| 0.15 | −0.39 | 0.54 | −0.68 | −0.95 | 9.75*** | – | – | – | – | – | – | – | – | |
| Compliance | 0.17 | −0.13 | -0.08 | −0.32 | −0.16 | −0.06 | 1 | – | – | – | – | – | – | – |
| 1.78 | −0.41 | -0.08 | 2.97*** | −1.07 | −0.63 | 9.95 | – | – | – | – | – | – | – | |
| Employees | −0.08 | 0.05 | 0.12 | −0.11 | −0.11 | −0.14 | −0.14 | 1 | – | – | – | – | – | – |
| -0.57 | 0.1 | 0.78 | −0.67 | −0.49 | −0.88 | −0.92 | 4.35*** | – | – | – | – | – | – | |
| Expectation | −0.03 | −0.08 | 0.12 | 0.18 | −0.02 | −0.06 | −0.09 | 0.27 | 1 | – | – | – | – | – |
| −0.29 | −0.22 | 0.93 | 1.37 | −0.1 | −0.51 | −0.73 | 1.48 | 7.02*** | – | – | – | – | – | |
| Experience | 0.02 | −0.06 | 0.05 | −0.08 | −0.14 | 0.01 | 0.44 | 0 | −0.02 | 1 | – | – | – | – |
| 0.17 | −0.12 | 0.29 | −0.46 | −0.61 | 0.05 | 2.92*** | 0.01 | −0.1 | 4.39*** | – | – | – | – | |
| Innovation | 0.18 | 0.09 | 0.05 | −0.01 | −0.14 | 0.11 | −0.33 | 0 | 0.16 | 0.04 | 1 | – | – | – |
| 1.66 | 0.24 | 0.41 | −0.46 | −0.78 | 0.9 | 2.85*** | −0.01 | 1.2 | 0.22 | 7.56*** | – | – | – | |
| Firm age | −0.1 | 0.04 | 0.07 | −0.01 | −0.12 | −0.19 | 0.01 | 0.64 | 0.22 | 0.03 | -0.07 | 1 | – | – |
| 2.28*** | 0.27 | 1.42 | −0.07 | −1.65 | 3.77*** | 0.17 | 8.64*** | 3.73*** | 0.45 | −1.29 | 41.98*** | – | – | |
| Owner age | −0.12 | 0.08 | −0.11 | −0.05 | 0.07 | −0.15 | 0.12 | 0.15 | 0.01 | 0.22 | −0.09 | 0.46 | 1 | – |
| −0.6 | 0.12 | −0.48 | 0 | 0.22 | −0.66 | 0.54 | 0.46 | 0.03 | 0.69 | −0.36 | 4.35*** | 4.35*** | – | |
| International | −0.05 | 0.18 | −0.12 | −0.14 | 0.12 | −0.3 | −0.05 | −0.02 | −0.11 | 0.12 | −0.3 | −0.12 | 0.13 | 1 |
| −0.59 | 0.56 | −1.15 | −1.27 | 0.08 | 3.02*** | −0.46 | −0.13 | −0.95 | 0.8 | 2.60*** | 2.56*** | 0.62 | 10.09*** |
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