Table 2 Correlation matrix Variable DM...

Table 2

Correlation matrix

Variable	DM	Open	Size	ROA	Growth	Lev	AM	CFO	Top1	Dual	QFII
DM	1.000
Open	0.108^***	1.000
Size	0.452^***	0.195^***	1.000
ROA	0.016	0.074^***	0.030^***	1.000
Growth	0.015	0.016	0.030^***	0.244^***	1.000
Lev	0.212^***	0.020^**	0.414^***	−0.397^***	0.026^***	1.000
AM	0.022^**	−0.028^***	0.003	−0.129^***	−0.072^***	0.007	1.000
CFO	0.057^***	0.070^***	0.059^***	0.307^***	0.007	−0.158^***	0.292^***	1.000
Top1	0.124^***	0.006	0.261^***	0.107^***	0.039^***	0.057^***	0.064^***	0.061^***	1.000
Dual	−0.082^***	0.071^***	−0.104^***	0.022^**	0.016	−0.078^***	−0.077^***	−0.027^***	−0.055^***	1.000
QFII	0.029^***	0.067^***	0.077^***	0.103^***	0.001	−0.023^**	0.007	0.097^***	−0.002	0.002	1.000

Variable	DM	Open	Size	ROA	Growth	Lev	AM	CFO	Top1	Dual	QFII
DM	1.000
Open	0.108^***	1.000
Size	0.452^***	0.195^***	1.000
ROA	0.016	0.074^***	0.030^***	1.000
Growth	0.015	0.016	0.030^***	0.244^***	1.000
Lev	0.212^***	0.020^**	0.414^***	−0.397^***	0.026^***	1.000
AM	0.022^**	−0.028^***	0.003	−0.129^***	−0.072^***	0.007	1.000
CFO	0.057^***	0.070^***	0.059^***	0.307^***	0.007	−0.158^***	0.292^***	1.000
Top1	0.124^***	0.006	0.261^***	0.107^***	0.039^***	0.057^***	0.064^***	0.061^***	1.000
Dual	−0.082^***	0.071^***	−0.104^***	0.022^**	0.016	−0.078^***	−0.077^***	−0.027^***	−0.055^***	1.000
QFII	0.029^***	0.067^***	0.077^***	0.103^***	0.001	−0.023^**	0.007	0.097^***	−0.002	0.002	1.000

Note(s): This table presents the correlation matrix of variables. Variable definitions are available in Appendix 2. ***, **, and * denote significance at the 1, 5, and 10% levels, respectively

Source(s): Table by authors

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