Table 1 Descriptive statistics and... | Emerald Publishing

Table 1

Descriptive statistics and correlation matrix

	Variables	Mean	Std.	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)
1.	Firm Performance	0.07	0.08	1.00
2.	Unrelated Diversification	0.19	0.35	−0.03	1.00
3.	Industry External Financial Dep.	−0.31	0.35	−0.07	−0.37	1.00
4.	Financial Constraints	−0.15	0.02	−0.39	0.05	0.06	1.00
5.	Listing	0.40	0.49	−0.00	0.05	0.02	−0.00	1.00
6.	Ownership Concentration	0.65	0.26	−0.03	−0.03	−0.02	0.02	−0.48	1.00
7.	Firm size	20.40	1.48	0.01	0.19	−0.25	−0.00	0.21	−0.10	1.00
8.	Industry Growth Opportunity	0.09	0.02	−0.01	0.10	−0.06	−0.22	0.05	−0.02	0.2	1.00
9.	Tangibility	0.37	0.17	−0.07	0.07	−0.03	0.11	0.26	−0.15	0.33	−0.00	1.00
10.	Leverage	0.44	0.23	−0.28	0.09	0.22	0.04	−0.01	0.00	0.19	0.12	0.00	1.00
11.	GDP	27.71	0.52	0.10	0.02	−0.06	−0.11	0.11	−0.06	0.56	0.10	0.26	−0.07	1.00
12.	Unemployment	0.10	0.03	−0.06	−0.00	0.05	0.09	−0.11	0.04	−0.38	−0.09	−0.20	0.09	−0.65

	Variables	Mean	Std.	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)
1.	Firm Performance	0.07	0.08	1.00
2.	Unrelated Diversification	0.19	0.35	−0.03	1.00
3.	Industry External Financial Dep.	−0.31	0.35	−0.07	−0.37	1.00
4.	Financial Constraints	−0.15	0.02	−0.39	0.05	0.06	1.00
5.	Listing	0.40	0.49	−0.00	0.05	0.02	−0.00	1.00
6.	Ownership Concentration	0.65	0.26	−0.03	−0.03	−0.02	0.02	−0.48	1.00
7.	Firm size	20.40	1.48	0.01	0.19	−0.25	−0.00	0.21	−0.10	1.00
8.	Industry Growth Opportunity	0.09	0.02	−0.01	0.10	−0.06	−0.22	0.05	−0.02	0.2	1.00
9.	Tangibility	0.37	0.17	−0.07	0.07	−0.03	0.11	0.26	−0.15	0.33	−0.00	1.00
10.	Leverage	0.44	0.23	−0.28	0.09	0.22	0.04	−0.01	0.00	0.19	0.12	0.00	1.00
11.	GDP	27.71	0.52	0.10	0.02	−0.06	−0.11	0.11	−0.06	0.56	0.10	0.26	−0.07	1.00
12.	Unemployment	0.10	0.03	−0.06	−0.00	0.05	0.09	−0.11	0.04	−0.38	−0.09	−0.20	0.09	−0.65

Note(s):

- N = 2,417

- Industry dummies are not reported

- Correlations greater than 0.03 or lower than −0.03 are statistically significant at the 0.05 level or lower