Table 3. Correlation matrix Variables... | Emerald Publishing

Table 3.

Correlation matrix

Variables	DUVOL_t+1	NCSKEW_t+1	MAS	FC	FC×MAS	SIGMA	RET	SIZE	ROA	LEV	MTB
DUVOL_t+1	1
NCSKEW_t+1	0.344***	1
MAS	−0.344***	−0.279*	1
FC	0.058	0.027	−0.378***	1
SIGMA	−0.059	0.323*	0.101**	−0.105**	−0.303	1
RET	−0.016	−0.252*	−0.075**	−0.017	0.083**	−0.386***	1
SIZE	−0.123***	−0.028	0.068*	0.032	−0.057	−0.131***	0.050	1
ROA	−0.019	−0.092**	0.363***	−0.363***	−0.013	0.015	−0.078***	0.174*	1
LEV	0.120***	0.073*	−0.164***	0.339***	−0.057	−0.014	−0.089***	0.019	−0.296***	1
MTB	−0.045	0.062*	0.250***	−0.166***	−0.088**	0.297***	−0.204**	−0.230***	0.285***	−0.089***	1

Variables	DUVOL_t+1	NCSKEW_t+1	MAS	FC	FC×MAS	SIGMA	RET	SIZE	ROA	LEV	MTB
DUVOL_t+1	1
NCSKEW_t+1	0.344***	1
MAS	−0.344***	−0.279*	1
FC	0.058	0.027	−0.378***	1
SIGMA	−0.059	0.323*	0.101**	−0.105**	−0.303	1
RET	−0.016	−0.252*	−0.075**	−0.017	0.083**	−0.386***	1
SIZE	−0.123***	−0.028	0.068*	0.032	−0.057	−0.131***	0.050	1
ROA	−0.019	−0.092**	0.363***	−0.363***	−0.013	0.015	−0.078***	0.174*	1
LEV	0.120***	0.073*	−0.164***	0.339***	−0.057	−0.014	−0.089***	0.019	−0.296***	1
MTB	−0.045	0.062*	0.250***	−0.166***	−0.088**	0.297***	−0.204**	−0.230***	0.285***	−0.089***	1

Notes:

The significance levels are denoted as *, ** and ***at 10, 5 and 1%, respectively

Source: Authors’ own work