Correlation matrix
| Lead1_Q | Lead1_MTBV | Lead1_ROA | AFI | lnTA | Leverage | lnAge | CAPEX | SGA | |
|---|---|---|---|---|---|---|---|---|---|
| Lead1_Q | 1.00 | ||||||||
| lead1_MTBV | 0.85*** | 1.00 | |||||||
| Lead1_roa | 0.45*** | 0.36*** | 1.00 | ||||||
| AFI | 0.03*** | 0.03*** | 0.04*** | 1.00 | |||||
| lnTA | 0.09*** | 0.18*** | −0.06*** | −0.02 | 1.00 | ||||
| Leverage | −0.14*** | −0.13*** | −0.12*** | 0.00 | 0.29*** | 1.00 | |||
| lnAge | −0.09*** | −0.06*** | −0.11*** | −0.03*** | 0.14*** | 0.09*** | 1.00 | ||
| CAPEX | 0.13*** | 0.14*** | 0.17*** | 0.03*** | −0.01 | 0.09*** | −0.05*** | 1.00 | |
| SGA | −0.01 | −0.01 | −0.03*** | −0.00 | −0.03*** | −0.02* | −0.01 | −0.01 | 1.00 |
| Lead1_Q | Lead1_MTBV | Lead1_ROA | AFI | lnTA | Leverage | lnAge | CAPEX | SGA | |
|---|---|---|---|---|---|---|---|---|---|
| Lead1_Q | 1.00 | ||||||||
| lead1_MTBV | 0.85*** | 1.00 | |||||||
| Lead1_roa | 0.45*** | 0.36*** | 1.00 | ||||||
| AFI | 0.03*** | 0.03*** | 0.04*** | 1.00 | |||||
| lnTA | 0.09*** | 0.18*** | −0.06*** | −0.02 | 1.00 | ||||
| Leverage | −0.14*** | −0.13*** | −0.12*** | 0.00 | 0.29*** | 1.00 | |||
| lnAge | −0.09*** | −0.06*** | −0.11*** | −0.03*** | 0.14*** | 0.09*** | 1.00 | ||
| CAPEX | 0.13*** | 0.14*** | 0.17*** | 0.03*** | −0.01 | 0.09*** | −0.05*** | 1.00 | |
| SGA | −0.01 | −0.01 | −0.03*** | −0.00 | −0.03*** | −0.02* | −0.01 | −0.01 | 1.00 |
Note(s): This table reports the t-test for Pearson correlation coefficients among the variables. AFI is the abnormal foreign investment, estimated as the residuals from Equation (1). Lead1 represents the respective variables at one quarter ahead. The variables are explained in Section 2. All variables were winsorized at 1.99% before the test. ∗, ∗∗ and ∗∗∗ indicate statistical significance at the 10, 5 and 1% levels, respectively
Source(s): Authors' own work