Table 2 Pairwise correlation... | Emerald Publishing

Table 2

Pairwise correlation coefficients

	1	2	3	4	5	6	7	8	9	10	11	12
TDB	1
LTDB	0.937^a	1
TDM	0.833^a	0.804^a	1
LTDM	0.785^a	0.861^a	0.948^a	1
PROFIT	−0.253^a	−0.236^a	−0.446^a	−0.399^a	1
lnASSET	0.250^a	0.247^a	0.109^a	0.131^a	−0.180^a	1
M/B	−0.197^a	−0.190^a	−0.494^a	−0.438^a	0.677^a	−0.027	1
TANG	0.130^a	0.173^a	0.287^a	0.317^a	0.051	−0.093^a	−0.183^a	1
NDTS	0.011	−0.028	−0.016	−0.039	0.507^a	−0.205^a	0.090^a	0.317^a	1
lnAGE	0.086^a	0.053^c	0.098^a	0.067^b	−0.075^b	−0.064^b	−0.128^a	0.044	−.009	1
RND	−0.184^a	−0.161^a	−0.195^a	−0.167^a	0.112^a	−0.229^a	0.207^a	−0.191^a	0.052	−0.064^b	1
CPX	−0.112^a	−0.126^a	−0.086^a	−0.101^a	0.309^a	−0.140^a	0.066^b	0.573^a	0.445^a	−0.042	−0.103^a	1

Note(s): ^a denotes significance at 1% level; ^b denotes significance at 5%; ^c means significance at 10%

Source(s): Authors’ own work