Table 3.

Variable descriptive statistics

HDPHCTRDIPRRDDNDTSIZELAROETOP1SOE
HDP1         
HCT0.152***1        
RDIPR0.092***0.045**1       
RDDN0.070***−0.0050.250***1      
DT0.153***0.02200.069**0.04401     
SIZE0.405***0.113***0.104***0.058**0.217***1    
LA0.043**0.02500.071***0.076***0.118***0.257***1   
ROE0.101***0.087***0.0210−0.054*−0.001000.0090−0.198***1  
TOP10.027−0.127***−0.091***−0.097***−0.072**0.119***−0.128***0.056*1 
SOE0.131***0.087***0.064**0.070**0.01400.242***0.208***−0.112***0.063**1
Mean0.250.4092.5970.1303.0346.8041.6010.08440.3230.0846
SD0.04240.4925.6170.4481.2870.7630.6810.09380.1330.278
Min0.18200004.5430.394−1.10400
Max0.456118.742.9446.3549.1615.6540.6040.7501
VIF 1.061.081.071.071.221.211.071.111.12

Notes:

*Indicates p < 0.1; **indicates p< 0.05; and ***indicates p < 0.01

Source: Table by authors

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