Table 2 Correlation matrix – Pearson...

Table 2

Correlation matrix – Pearson coefficients

	1	2	3	4	5	6	7	8	9	10	11
1. Bank size (ln)	1
2. Bank age (ln)	−0.1489*	1
3. Z-score (ln)	0.2603**	−0.0903	1
4. NPLs/Gross loans (ln)	−0.0404	0.2208**	−0.1133†	1
5. Business model	0.0229	0.2561***	0.2875***	−0.4822**	1
6. Bank profitability (ln)	−0.0470	−0.2787**	0.2785***	−0.3433**	0.001	1
7. Total training	−0.1425†	0.1590*	0.1962*	0.1735*	0.2815**	−0.26**	1
8. Managerial training	0.0565	−0.2432**	0.0391	−0.1752*	−0.2951**	−0.019	0.458***	1
9. Technical training	−0.3367**	0.1251	0.1961*	0.2222*	0.2048*	−0.124	0.944***	0.292**	1
10. GDP growth	0.0009	0.0188	0.015	0.0735	−0.0296	0.025	0.045	−0.06	−0.01	1
11. Inflation rate	−0.0428	−0.0430	−0.0009	−0.1911**	0.161*	−0.017	−0.019	0.125†	0.022	−0.34**	1

	1	2	3	4	5	6	7	8	9	10	11
1. Bank size (ln)	1
2. Bank age (ln)	−0.1489*	1
3. Z-score (ln)	0.2603**	−0.0903	1
4. NPLs/Gross loans (ln)	−0.0404	0.2208**	−0.1133†	1
5. Business model	0.0229	0.2561***	0.2875***	−0.4822**	1
6. Bank profitability (ln)	−0.0470	−0.2787**	0.2785***	−0.3433**	0.001	1
7. Total training	−0.1425†	0.1590*	0.1962*	0.1735*	0.2815**	−0.26**	1
8. Managerial training	0.0565	−0.2432**	0.0391	−0.1752*	−0.2951**	−0.019	0.458***	1
9. Technical training	−0.3367**	0.1251	0.1961*	0.2222*	0.2048*	−0.124	0.944***	0.292**	1
10. GDP growth	0.0009	0.0188	0.015	0.0735	−0.0296	0.025	0.045	−0.06	−0.01	1
11. Inflation rate	−0.0428	−0.0430	−0.0009	−0.1911**	0.161*	−0.017	−0.019	0.125†	0.022	−0.34**	1

Note(s): Bank size is the natural log of bank total assets at the end of the fiscal year. Bank age is the natural log of bank age. Z-score measures the bank stability and is calculated as the natural logarithm of the Z-score. The NPLs/Gross loans value has been calculated as the natural log of the NPLs on Gross Loans ratio. Business model is proxied by the net loans on total assets ratio. Bank profitability is the natural log of (1 + ROA). Training hours is the average amount of the training hours per capita provided to employees of the bank i in the year t. Managerial training hours is the average amount of the managerial training hours per capita provided to employees of the bank i in the year t. Technical training hours is the average amount of the managerial training hours per capita provided to employees of the bank i in the year t. GDP is the growth rate of gross domestic product in the year t. Inflation rate is the annual variation in the Consumer Price Index. †, *, ** and *** denote significance at the 10%, 5%, 1% and 0.1% levels, respectively

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