Table 3. Correlation matrix r ASSETS_LN...

Table 3.

Correlation matrix

	r	ASSETS_LN	MKCAP_LN	BEME	CH	CH_DEV	CHNA	LEV	CFA	CFA_DEV	DIVP
ASSETS_LN	−0.011	1
	(0.706)
MKCAP_LN	−0.025	0.571	1
	(0.269)	(0.000)
BEME	−0.039	−0.119	−0.326	1
	(0.022)	(0.000)	(0.000)
CH	0.026	0.240	0.246	−0.119	1
	(0.221)	(0.000)	(0.000)	(0.000)
CH_DEV	−0.004	0.198	0.152	−0.064	0.835	1
	(0.764)	(0.000)	(0.000)	(0.000)	(0.000)
CHNA	−0.003	0.233	0.245	−0.116	0.998	0.835	1
	(0.270)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
LEV	−0.020	0.377	0.273	−0.167	−0.074	0.005	0.069	1
	(0.805)	(0.000)	(0.000)	(0.000)	(0.006)	(0.073)	(0.023)
CFA	0.006	0.155	0.025	0.054	−0.013	−0.025	−0.013	0.093	1
	(0.019)	(0.000)	(0.432)	(0.099)	(0.221)	(0.891)	(0.202)	(0.037)
CFA_DEV	−0.011	−0.113	−0.031	0.035	0.144	0.091	0.150	−0.271	−0.427	1
	(0.297)	(0.000)	(0.290)	(0.372)	(0.000)	(0.102)	(0.000)	(0.000)	(0.000)
DIVP	0.020	0.036	−0.035	0.043	−0.044	−0.055	−0.043	0.063	0.376	−0.105	1
	(0.205)	(0.265)	(0.175)	(0.056)	(0.118)	(0.053)	(0.128)	(0.011)	(0.000)	(0.000)

	r	ASSETS_LN	MKCAP_LN	BEME	CH	CH_DEV	CHNA	LEV	CFA	CFA_DEV	DIVP
ASSETS_LN	−0.011	1
	(0.706)
MKCAP_LN	−0.025	0.571	1
	(0.269)	(0.000)
BEME	−0.039	−0.119	−0.326	1
	(0.022)	(0.000)	(0.000)
CH	0.026	0.240	0.246	−0.119	1
	(0.221)	(0.000)	(0.000)	(0.000)
CH_DEV	−0.004	0.198	0.152	−0.064	0.835	1
	(0.764)	(0.000)	(0.000)	(0.000)	(0.000)
CHNA	−0.003	0.233	0.245	−0.116	0.998	0.835	1
	(0.270)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
LEV	−0.020	0.377	0.273	−0.167	−0.074	0.005	0.069	1
	(0.805)	(0.000)	(0.000)	(0.000)	(0.006)	(0.073)	(0.023)
CFA	0.006	0.155	0.025	0.054	−0.013	−0.025	−0.013	0.093	1
	(0.019)	(0.000)	(0.432)	(0.099)	(0.221)	(0.891)	(0.202)	(0.037)
CFA_DEV	−0.011	−0.113	−0.031	0.035	0.144	0.091	0.150	−0.271	−0.427	1
	(0.297)	(0.000)	(0.290)	(0.372)	(0.000)	(0.102)	(0.000)	(0.000)	(0.000)
DIVP	0.020	0.036	−0.035	0.043	−0.044	−0.055	−0.043	0.063	0.376	−0.105	1
	(0.205)	(0.265)	(0.175)	(0.056)	(0.118)	(0.053)	(0.128)	(0.011)	(0.000)	(0.000)

Note:

P values are reported in brackets

Source: Own elaboration

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