Table 6. Correlation coefficients...

Table 6.

Correlation coefficients

	Industry- adjusted ROS	Industry- adjusted ROA	NFRs	MOT	OI	CC	SPS	TA	L	NI	stdTA
Industry-adjusted ROS	1.00
Industry-adjusted ROA	0.62***	1.00
NFRs	–0.04	–0.02	1.00
MOT	–0.10	–0.06	0.89***	1.00
OI	–0.03	–0.01	0.97***	0.81***	1.00
CC	0.02	0.01	0.89***	0.74***	0.84***	1.00
SPS	–0.04	–0.02	0.96***	0.83***	0.90***	0.80***	1.00
TA	0.26***	–0.13**	0.03	–0.02	0.01	0.08	0.03	1.00
L	–0.41***	–0.45***	–0.01	0.01	0.01	–0.01	–0.02	0.29***	1.00
NI	0.52***	0.47***	0.13*	0.11*	0.10	0.12*	0.15**	0.04	–0.42***	1.00
stdTA	0.26***	–0.13**	0.02	−0.02	0.01	0.08	0.04	1.00***	+0.29***	0.03	1.00

	Industry-adjusted ROS	Industry-adjusted ROA	NFRs	MOT	OI	CC	SPS	TA	L	NI	stdTA
Industry-adjusted ROS	1.00
Industry-adjusted ROA	0.62***	1.00
NFRs	–0.04	–0.02	1.00
MOT	–0.10	–0.06	0.89***	1.00
OI	–0.03	–0.01	0.97***	0.81***	1.00
CC	0.02	0.01	0.89***	0.74***	0.84***	1.00
SPS	–0.04	–0.02	0.96***	0.83***	0.90***	0.80***	1.00
TA	0.26***	–0.13**	0.03	–0.02	0.01	0.08	0.03	1.00
L	–0.41***	–0.45***	–0.01	0.01	0.01	–0.01	–0.02	0.29***	1.00
NI	0.52***	0.47***	0.13*	0.11*	0.10	0.12*	0.15**	0.04	–0.42***	1.00
stdTA	0.26***	–0.13**	0.02	−0.02	0.01	0.08	0.04	1.00***	+0.29***	0.03	1.00

Notes:

The table shows the linear correlation coefficients of variables; obs. = 228. (***) denotes correlation coefficients statistically significant at 1% level of significance; (**) denotes correlation coefficients statistically significant at 5% level of significance; correlation coefficients statistically significant at 10% level of significance

Source: Authors own creation

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