Table 3. Pair-wise correlation matrix...

Table 3.

Pair-wise correlation matrix with variance inflation factor

Independent variables	GD	NBMY	Per_ID	CEO_D	TQ	Size	VIF
GD	1.00						1.01
NBMY	−0.06**	1.00					1.31
Per_ID	−0.01	−0.32*	1.00				1.12
CEO_D	−0.05	0.17*	−0.10*	1.00			1.05
TQ	0.09*	−0.11*	0.02	−0.14*	1.00		1.09
Size	−0.03	0.38*	−0.15*	0.07**	−0.24*	1.00	1.13

Independent variables	GD	NBMY	Per_ID	CEO_D	TQ	Size	VIF
GD	1.00						1.01
NBMY	−0.06**	1.00					1.31
Per_ID	−0.01	−0.32*	1.00				1.12
CEO_D	−0.05	0.17*	−0.10*	1.00			1.05
TQ	0.09*	−0.11*	0.02	−0.14*	1.00		1.09
Size	−0.03	0.38*	−0.15*	0.07**	−0.24*	1.00	1.13

Notes:

*denotes 1% level of significance; **denotes 5% level of significance

Source: Authors’ calculation

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