Table 10 Correlation matrix on...

Table 10

Correlation matrix on independent variables

	UP	BEE	D/E	Dividend	SEO	InflAdj	TotalA	MBVR	ROA
UP	1.0000
BEE	−0.0098	1.0000
D/E	0.0295	−0.0145	1.0000
Dividend	0.3885	0.0271	−0.7849	1.0000
SEO	0.0417	−0.0150	0.2678	−0.4755	1.0000
InflAdj	0.4928	−0.0255	0.2310	−0.6742	0.4212	1.0000
TotalA	−0.0116	0.0068	0.5411	−0.4592	0.0553	0.0591	1.0000
MBVR	0.1631	0.0059	−0.5300	0.3761	−0.3964	0.2305	−0.5890	1.0000
ROA	0.7588	−0.0260	0.2302	−0.6519	0.4707	0.4878	−0.0300	0.2676	1.0000

	UP	BEE	D/E	Dividend	SEO	InflAdj	TotalA	MBVR	ROA
UP	1.0000
BEE	−0.0098	1.0000
D/E	0.0295	−0.0145	1.0000
Dividend	0.3885	0.0271	−0.7849	1.0000
SEO	0.0417	−0.0150	0.2678	−0.4755	1.0000
InflAdj	0.4928	−0.0255	0.2310	−0.6742	0.4212	1.0000
TotalA	−0.0116	0.0068	0.5411	−0.4592	0.0553	0.0591	1.0000
MBVR	0.1631	0.0059	−0.5300	0.3761	−0.3964	0.2305	−0.5890	1.0000
ROA	0.7588	−0.0260	0.2302	−0.6519	0.4707	0.4878	−0.0300	0.2676	1.0000

Note(s): This table displays the pairwise Pearson correlation coefficients between the independent variables

The symbol * indicates that the correlation is different from 0 at the significance level of 5%

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