Table 2 Correlation matrix CASH1 CASH2...

Table 2

Correlation matrix

	CASH1	CASH2	SO	FO	SIZE	GROWTH	PROFIT	TDA
CASH1	1
CASH2	0.8837	1
SO	0.1357	0.1323	1
FO	0.1325	0.0738	−0.1445	1
SIZE	−0.1660	−0.2210	−0.0506	0.2720	1
GROWTH	0.0160	−0.2647	−0.0319	0.1909	0.1375	1
PROFIT	0.2627	0.0948	0.2038	0.1582	−0.0748	0.418	1
TDA	−0.3469	−0.3275	−0.0494	−0.0852	0.3712	−0.0007	−0.1495	1

	CASH1	CASH2	SO	FO	SIZE	GROWTH	PROFIT	TDA
CASH1	1
CASH2	0.8837	1
SO	0.1357	0.1323	1
FO	0.1325	0.0738	−0.1445	1
SIZE	−0.1660	−0.2210	−0.0506	0.2720	1
GROWTH	0.0160	−0.2647	−0.0319	0.1909	0.1375	1
PROFIT	0.2627	0.0948	0.2038	0.1582	−0.0748	0.418	1
TDA	−0.3469	−0.3275	−0.0494	−0.0852	0.3712	−0.0007	−0.1495	1

Note(s): This table presents the correlations among variables employed in the analysis. See Appendix 1 for complete definitions of all variables

Source(s): Authors' own calculation

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