Correlation matrix for financial factors
| Variables | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | FDit | 1 | ||||||||
| 2 | ZSCOREit | 0.31*** | 1 | |||||||
| 3 | LIRit | −0.37*** | −0.17*** | 1 | ||||||
| 4 | SPREADit | −0.38*** | −0.12* | 0.93*** | 1 | |||||
| 5 | CONCit | −0.12* | −0.03 | 0.16*** | 0.20*** | 1 | ||||
| 6 | ROEit | −0.31*** | −0.26*** | 0.16** | 0.12* | 0.24*** | 1 | |||
| 7 | MOBit | 0.38*** | 0.18*** | −0.37*** | −0.25*** | −0.08 | −0.37*** | 1 | ||
| 8 | INSTit | 0.66*** | 0.14** | −0.30*** | −0.31*** | 0.09 | 0.01 | 0.30*** | 1 | |
| 9 | POPDit | 0.021 | −0.13** | 0.04 | −0.003 | −0.19*** | 0.06 | −0.06 | −0.18*** | 1 |
| Variables | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 1 | |||||||||
| 2 | 0.31 | 1 | ||||||||
| 3 | −0.37 | −0.17 | 1 | |||||||
| 4 | −0.38 | −0.12 | 0.93 | 1 | ||||||
| 5 | −0.12 | −0.03 | 0.16 | 0.20 | 1 | |||||
| 6 | −0.31 | −0.26 | 0.16 | 0.12 | 0.24 | 1 | ||||
| 7 | 0.38 | 0.18 | −0.37 | −0.25 | −0.08 | −0.37 | 1 | |||
| 8 | 0.66 | 0.14 | −0.30 | −0.31 | 0.09 | 0.01 | 0.30 | 1 | ||
| 9 | 0.021 | −0.13 | 0.04 | −0.003 | −0.19 | 0.06 | −0.06 | −0.18 | 1 |
Notes:
*p < 0.1;
**p < 0.05;
***p < 0.01
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