Table 3. Correlation matrix Variables 1... | Emerald Publishing

Table 3.

Correlation matrix

Variables	1	2	3	4	5	6	7	8	9	10	11	12
1. Cash holdings	1
2. Sales	0.05	1
3. Receivables	0.09	−0.03	1
4. Payables	0.03	−0.01	0.06	1
5. Growth	0.05	0.26	0.01	0.03	1
6. Leverage	−0.08	−0.04	−0.01	0.01	0.06	1
7. Profitability	−0.08	0.02	−0.18	0.01	−0.05	−0.02	1
8. Finance cost	−0.3	−0.13	−0.05	−0.03	−0.07	0.17	0	1
9. Firm size	−0.22	−0.14	−0.06	−0.03	−0.17	0.02	0.06	0.83	1
10. Credit	0.06	0.03	−0.02	0.05	0.26	0.01	0.03	0.71	0.06	1
11. RIR	−0.03	−0.1	0.04	−0.08	−0.04	−0.01	0.01	0.05	−0.03	0.01	1
12. GDPgrowth	0.03	−0.07	0.02	−0.08	0.02	−0.18	0.01	0.03	−0.01	0.03	−0.18	1
13. GDP Capita	0.01	−0.17	0.06	−0.08	0.02	−0.18	0.01	−0.05	0.09	0.07	0.02	0.04

Variables	1	2	3	4	5	6	7	8	9	10	11	12
1. Cash holdings	1
2. Sales	0.05	1
3. Receivables	0.09	−0.03	1
4. Payables	0.03	−0.01	0.06	1
5. Growth	0.05	0.26	0.01	0.03	1
6. Leverage	−0.08	−0.04	−0.01	0.01	0.06	1
7. Profitability	−0.08	0.02	−0.18	0.01	−0.05	−0.02	1
8. Finance cost	−0.3	−0.13	−0.05	−0.03	−0.07	0.17	0	1
9. Firm size	−0.22	−0.14	−0.06	−0.03	−0.17	0.02	0.06	0.83	1
10. Credit	0.06	0.03	−0.02	0.05	0.26	0.01	0.03	0.71	0.06	1
11. RIR	−0.03	−0.1	0.04	−0.08	−0.04	−0.01	0.01	0.05	−0.03	0.01	1
12. GDPgrowth	0.03	−0.07	0.02	−0.08	0.02	−0.18	0.01	0.03	−0.01	0.03	−0.18	1
13. GDP Capita	0.01	−0.17	0.06	−0.08	0.02	−0.18	0.01	−0.05	0.09	0.07	0.02	0.04

Note(s): This table presents the correlation matrix between the variables. Cash holding is a ratio of total cash and cash equivalent to total tangible assets

Source(s): Created by author