Table 3

Spearman correlation matrix

(1)(2)(3)(4)(5)(6)(7)(8)(9)(10)
(1)OVER_LABit          
(2)UNDER_LABit 0.845***          
(3)PCBsit−0.155***−0.089***        
(4)TOP5it−0.039***−0.078***−0.107***       
(5)LEVit−0.158***−0.163***0.055***−0.024      
(6)ROAit−0.217***−0.164***0.07***0.076***−0.296***     
(7)DPRit−0.228***−0.163***0.12***0.032−0.139***0.553***    
(8)TANGit0.145***0.13***−0.078***0.058***0.033−0.138***−0.082***   
(9)OPER_CCit0.149***0.137***−0.025−0.199***−0.094***−0.129***−0.131***−0.289***  
(10)Qit−0.148***−0.139***0.143***0.071***0.0170.477***0.343***−0.062***−0.139*** 

Note(s): All variables are summarized and defined in  Appendix. The overall mean (maximum) VIF value is 1.22 (1.61) indicating that there is no multicollinearity issue between variables. *, **, and *** indicate the significance of coefficients at the 10, 5 and 1% levels, respectively

Source(s): Table 3 by authors

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