Table 4. Pearson pairwise correlations...

Table 4.

Pearson pairwise correlations

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)
(1) LogRD	1.000
(2) MARank	−0.631*	1.000
(3) IPRI	0.251*	0.091*	1.000
(4) TobinQ	−0.082*	0.228*	0.127*	1.000
(5) Age	0.417*	−0.538*	−0.061*	−0.239*	1.000
(6) Tangibility	−0.081*	−0.269*	−0.366*	−0.182*	0.256*	1.000
(7) AdvIntensity	−0.040*	0.178*	0.148*	0.067*	−0.153*	−0.199*	1.000
(8) Leverage	−0.125*	0.015	−0.143*	−0.016	−0.014	0.286*	−0.032	1.000
(9) ROA	0.127*	−0.330*	−0.172*	−0.162*	0.219*	0.178*	−0.171*	−0.477*	1.000
(10) GDP	−0.315*	0.108*	−0.337*	−0.127*	−0.167*	0.140*	−0.029	0.089*	0.015	1.000
(11) Inflation	−0.287*	0.127*	−0.039*	−0.087*	−0.224*	0.046*	0.068*	0.105*	−0.091*	0.384*	1.000

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)
(1) LogRD	1.000
(2) MARank	−0.631*	1.000
(3) IPRI	0.251*	0.091*	1.000
(4) TobinQ	−0.082*	0.228*	0.127*	1.000
(5) Age	0.417*	−0.538*	−0.061*	−0.239*	1.000
(6) Tangibility	−0.081*	−0.269*	−0.366*	−0.182*	0.256*	1.000
(7) AdvIntensity	−0.040*	0.178*	0.148*	0.067*	−0.153*	−0.199*	1.000
(8) Leverage	−0.125*	0.015	−0.143*	−0.016	−0.014	0.286*	−0.032	1.000
(9) ROA	0.127*	−0.330*	−0.172*	−0.162*	0.219*	0.178*	−0.171*	−0.477*	1.000
(10) GDP	−0.315*	0.108*	−0.337*	−0.127*	−0.167*	0.140*	−0.029	0.089*	0.015	1.000
(11) Inflation	−0.287*	0.127*	−0.039*	−0.087*	−0.224*	0.046*	0.068*	0.105*	−0.091*	0.384*	1.000

Notes: This table shows Pearson’s pairwise correlation coefficient between the dependent, independent and control variables used in this study. Statistical Significance of *p < 0.05. Refer to Table 2 for variable definitions

Source: Table by authors

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