Table 3 Correlation matrix (observations... | Emerald Publishing

Table 3

Correlation matrix (observations = 1,445)

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
(1) Complexity1	1
(2) Complexity2	0.996**	1
(3) Complexity3	0.939**	0.940**	1
(4) CEOOC	0.170*	0.177*	0.162*	1
(5) CEOTen	0.117	0.128	0.088	0.216**	1
(6) CEOFinExpt	−0.133	−0.136	−0.089	−0.165*	−0.090	1
(7) BInd	0.111	0.105	0.156*	0.305**	0.045	−0.095	1
(8) BFinExpt	0.083	0.079	0.028	−0.107	−0.093	−0.066	−0.162*	1
(9) InstOwn	0.152*	0.146*	0.149*	−0.121	−0.434**	−0.047	0.085	0.099	1
(10) Size	0.292**	0.288**	0.237**	−0.143*	0.004	−0.074	−0.133	0.219**	0.118
(11) ROA	0.125	0.137	0.207**	0.043	0.217**	−0.020	0.185**	0.080	0.166*
(12) Accruals	−0.016	−0.011	0.000	−0.132	−0.001	0.003	0.135	0.116	−0.059
(13) Loss	−0.047	−0.046	−0.077	0.135	−0.100	−0.051	−0.023	−0.061	−0.004
(14) SalesG	−0.045	−0.035	−0.071	0.113	0.152*	−0.094	0.140*	−0.029	−0.142*
(15) MTB	0.016	0.020	0.016	0.054	0.031	−0.223**	0.067	−0.039	0.011
(16) LnAge	−0.032	−0.039	0.001	−0.164*	−0.110	−0.116	−0.081	0.199**	−0.179*
(17) ForeignS	0.156*	0.150*	0.139	−0.259**	−0.074	0.199**	−0.195**	0.104	0.032
(18) Segment	0.124	0.133	0.061	−0.158*	0.229**	0.137	−0.131	0.182*	−0.249**

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
(1) Complexity1	1
(2) Complexity2	0.996**	1
(3) Complexity3	0.939**	0.940**	1
(4) CEOOC	0.170*	0.177*	0.162*	1
(5) CEOTen	0.117	0.128	0.088	0.216**	1
(6) CEOFinExpt	−0.133	−0.136	−0.089	−0.165*	−0.090	1
(7) BInd	0.111	0.105	0.156*	0.305**	0.045	−0.095	1
(8) BFinExpt	0.083	0.079	0.028	−0.107	−0.093	−0.066	−0.162*	1
(9) InstOwn	0.152*	0.146*	0.149*	−0.121	−0.434**	−0.047	0.085	0.099	1
(10) Size	0.292**	0.288**	0.237**	−0.143*	0.004	−0.074	−0.133	0.219**	0.118
(11) ROA	0.125	0.137	0.207**	0.043	0.217**	−0.020	0.185**	0.080	0.166*
(12) Accruals	−0.016	−0.011	0.000	−0.132	−0.001	0.003	0.135	0.116	−0.059
(13) Loss	−0.047	−0.046	−0.077	0.135	−0.100	−0.051	−0.023	−0.061	−0.004
(14) SalesG	−0.045	−0.035	−0.071	0.113	0.152*	−0.094	0.140*	−0.029	−0.142*
(15) MTB	0.016	0.020	0.016	0.054	0.031	−0.223**	0.067	−0.039	0.011
(16) LnAge	−0.032	−0.039	0.001	−0.164*	−0.110	−0.116	−0.081	0.199**	−0.179*
(17) ForeignS	0.156*	0.150*	0.139	−0.259**	−0.074	0.199**	−0.195**	0.104	0.032
(18) Segment	0.124	0.133	0.061	−0.158*	0.229**	0.137	−0.131	0.182*	−0.249**

Variables	(10)	(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)
(10) Size	1
(11) ROA	0.159*	1
(12) Accruals	−0.006	0.462**	1
(13) Loss	0.052	−0.494**	−0.330**	1
(14) SalesG	−0.057	0.202**	0.333**	−0.030	1
(15) MTB	0.035	0.216**	0.266**	0.006	0.356**	1
(16) LnAge	0.155*	−0.022	0.137	0.119	0.005	0.028	1
(17) ForeignS	0.249**	0.123	−0.011	−0.174*	−0.175*	−0.157*	0.317**	1
(18) Segment	0.424**	0.114	0.161*	−0.090	−0.005	−0.201**	0.129	0.152*	1

Variables	(10)	(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)
(10) Size	1
(11) ROA	0.159*	1
(12) Accruals	−0.006	0.462**	1
(13) Loss	0.052	−0.494**	−0.330**	1
(14) SalesG	−0.057	0.202**	0.333**	−0.030	1
(15) MTB	0.035	0.216**	0.266**	0.006	0.356**	1
(16) LnAge	0.155*	−0.022	0.137	0.119	0.005	0.028	1
(17) ForeignS	0.249**	0.123	−0.011	−0.174*	−0.175*	−0.157*	0.317**	1
(18) Segment	0.424**	0.114	0.161*	−0.090	−0.005	−0.201**	0.129	0.152*	1

Note(s): The level of statistical significance is indicated by *p < 0.05, and **p < 0.01. Variables are as defined in Appendix 2

Source(s): Author’s own creation