Pearson correlation matrix for all variables
| TANG | SIZE | GROW | PROF | LIQ | NDTS | IND_DR | IND_Beta | EASE_BUS | PRIV_DEBT | GDP_GROW | INFLAT | VIF | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1.00 | 0.09 | 0.01 | −0.20 | −0.23 | 0.40 | 0.07 | −0.01 | 0.03 | −0.03 | 0.02 | −0.05 | TANG | 1.4 |
| – | 1.00 | −0.02 | −0.06 | 0.04 | 0.03 | −0.02 | −0.13 | −0.10 | −0.02 | 0.02 | 0.10 | SIZE | 1.1 |
| – | – | 1.00 | 0.12 | −0.09 | −0.03 | 0.00 | −0.05 | 0.06 | 0.00 | 0.08 | −0.03 | GROW | 1.1 |
| – | – | – | 1.00 | 0.27 | 0.00 | −0.09 | 0.02 | −0.02 | −0.04 | 0.04 | −0.01 | PROF | 1.2 |
| – | – | – | – | 1.00 | −0.09 | −0.19 | −0.05 | −0.05 | 0.07 | 0.01 | 0.04 | LIQ | 1.2 |
| – | – | – | – | – | 1.00 | 0.04 | 0.02 | −0.06 | −0.07 | −0.03 | 0.01 | NDTS | 1.3 |
| – | – | – | – | – | – | 1.00 | −0.03 | 0.08 | −0.14 | −0.10 | −0.15 | IND_DR | 1.4 |
| – | – | – | – | – | – | – | 1.00 | 0.23 | −0.21 | −0.43 | 0.11 | IND_Beta | 1.0 |
| – | – | – | – | – | – | – | – | 1.00 | 0.30 | 0.17 | 0.29 | EASE_BUS | 1.7 |
| – | – | – | – | – | – | – | – | – | 1.00 | −0.18 | −0.19 | PRIV_DEBT | 1.3 |
| – | – | – | – | – | – | – | – | – | – | 1.00 | 0.18 | GDP_GROW | 1.3 |
| – | – | – | – | – | – | – | – | – | – | – | 1.00 | INFLAT | 1.6 |
| TANG | SIZE | GROW | PROF | LIQ | NDTS | IND_DR | IND_Beta | EASE_BUS | PRIV_DEBT | GDP_GROW | INFLAT | VIF | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1.00 | 0.09 | 0.01 | −0.20 | −0.23 | 0.40 | 0.07 | −0.01 | 0.03 | −0.03 | 0.02 | −0.05 | TANG | 1.4 |
| – | 1.00 | −0.02 | −0.06 | 0.04 | 0.03 | −0.02 | −0.13 | −0.10 | −0.02 | 0.02 | 0.10 | SIZE | 1.1 |
| – | – | 1.00 | 0.12 | −0.09 | −0.03 | 0.00 | −0.05 | 0.06 | 0.00 | 0.08 | −0.03 | GROW | 1.1 |
| – | – | – | 1.00 | 0.27 | 0.00 | −0.09 | 0.02 | −0.02 | −0.04 | 0.04 | −0.01 | PROF | 1.2 |
| – | – | – | – | 1.00 | −0.09 | −0.19 | −0.05 | −0.05 | 0.07 | 0.01 | 0.04 | LIQ | 1.2 |
| – | – | – | – | – | 1.00 | 0.04 | 0.02 | −0.06 | −0.07 | −0.03 | 0.01 | NDTS | 1.3 |
| – | – | – | – | – | – | 1.00 | −0.03 | 0.08 | −0.14 | −0.10 | −0.15 | IND_DR | 1.4 |
| – | – | – | – | – | – | – | 1.00 | 0.23 | −0.21 | −0.43 | 0.11 | IND_Beta | 1.0 |
| – | – | – | – | – | – | – | – | 1.00 | 0.30 | 0.17 | 0.29 | EASE_BUS | 1.7 |
| – | – | – | – | – | – | – | – | – | 1.00 | −0.18 | −0.19 | PRIV_DEBT | 1.3 |
| – | – | – | – | – | – | – | – | – | – | 1.00 | 0.18 | GDP_GROW | 1.3 |
| – | – | – | – | – | – | – | – | – | – | – | 1.00 | INFLAT | 1.6 |
Source(s): Own elaboration
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