Table 4 Correlations Variables (1) (2)... | Emerald Publishing

Table 4

Correlations

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)
(1) roa	1.000
(2) roe	0.914	1.000
(3) tobinsq	0.464	0.433	1.000
(4) markettobook	0.393	0.440	0.940	1.000
(5) assetgrowth	0.429	0.408	0.299	0.267	1.000
(6) salesgrowth	0.293	0.271	0.268	0.240	0.526	1.000
(7) differentiation	0.047	−0.017	0.181	0.128	−0.038	−0.058	1.000
(8) efficiency	−0.030	0.018	−0.100	−0.064	0.015	−0.056	0.0801	1.000
(9) log_assets	0.059	0.202	−0.030	0.049	0.063	−0.013	−0.138	0.374	1.000
(10) forsales	−0.007	0.015	−0.017	−0.023	−0.021	−0.042	0.046	0.081	0.298	1.000
(11) diversified	−0.010	0.038	−0.073	−0.040	0.001	−0.032	0.008	0.173	0.177	0.024	1.000
(12) leverage	−0.098	0.010	−0.157	−0.042	0.004	−0.016	−0.083	0.371	0.337	0.057	0.180	1.000
(13) marketgrowth	0.052	0.053	0.155	0.152	0.080	0.036	0.025	−0.047	−0.047	−0.021	−0.006	−0.017	1.000
(14) concentration	0.031	0.089	0.043	0.077	0.009	−0.042	0.015	0.310	0.310	0.262	−0.019	0.182	0.112	1.000

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)
(1) roa	1.000
(2) roe	0.914	1.000
(3) tobinsq	0.464	0.433	1.000
(4) markettobook	0.393	0.440	0.940	1.000
(5) assetgrowth	0.429	0.408	0.299	0.267	1.000
(6) salesgrowth	0.293	0.271	0.268	0.240	0.526	1.000
(7) differentiation	0.047	−0.017	0.181	0.128	−0.038	−0.058	1.000
(8) efficiency	−0.030	0.018	−0.100	−0.064	0.015	−0.056	0.0801	1.000
(9) log_assets	0.059	0.202	−0.030	0.049	0.063	−0.013	−0.138	0.374	1.000
(10) forsales	−0.007	0.015	−0.017	−0.023	−0.021	−0.042	0.046	0.081	0.298	1.000
(11) diversified	−0.010	0.038	−0.073	−0.040	0.001	−0.032	0.008	0.173	0.177	0.024	1.000
(12) leverage	−0.098	0.010	−0.157	−0.042	0.004	−0.016	−0.083	0.371	0.337	0.057	0.180	1.000
(13) marketgrowth	0.052	0.053	0.155	0.152	0.080	0.036	0.025	−0.047	−0.047	−0.021	−0.006	−0.017	1.000
(14) concentration	0.031	0.089	0.043	0.077	0.009	−0.042	0.015	0.310	0.310	0.262	−0.019	0.182	0.112	1.000

Note(s): Table 4 presents Spearman correlations between the variables used in our regressions. Italics if p-value <0.05 (two-tailed); n = 4,133

Source(s): Authors' own creation