Table 2 Correlation matrix ROA Tobin's Q...

Table 2

Correlation matrix

	ROA	Tobin's Q	Ln TA	LEV	FS/TS	CAPEX/TS	EBIT/TS
ROA	1
Tobin's Q	−0.21	1
Ln TA	0.42	−0.38	1
LEV	0.03	−0.41	0.24	1
FS/TS	−0.16	0.10	0.03	−0.15	1
CAPEX/TS	−0.21	0.13	−0.23	−0.07	0.07	1
EBIT/TS	−0.45	−0.33	0.33	0.20	−0.07	−0.48	1

	ROA	Tobin's Q	Ln TA	LEV	FS/TS	CAPEX/TS	EBIT/TS
ROA	1
Tobin's Q	−0.21	1
Ln TA	0.42	−0.38	1
LEV	0.03	−0.41	0.24	1
FS/TS	−0.16	0.10	0.03	−0.15	1
CAPEX/TS	−0.21	0.13	−0.23	−0.07	0.07	1
EBIT/TS	−0.45	−0.33	0.33	0.20	−0.07	−0.48	1

Note(s): This table reports the correlation coefficients between the variables used. Correlation coefficients in italicsface are significant at the 5% level. Variable definitions are provided in Table 1

[ViewLarge]

Sharing Unavailable