Table 4 Pearson correlation matrix...

Table 4

Pearson correlation matrix

Variables		(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	VIF
Fin	(1)	1
LnCEO_Age	(2)	0.096^***	1								1.33
Growth	(3)	0.011^*	−0.005	1							1.82
Lev	(4)	−0.083^***	−0.137^***	0.112^***	1						1.27
CF	(5)	0.068^***	0.091^***	0.059^***	−0.118^***	1					2.13
Size	(6)	0.108^***	0.142^***	−0.008	0.140^***	0.046^**	1				1.92
ROA	(7)	−0.018^**	−0.071^***	0.172^***	−0.102^***	0.119^***	0.032^**	1			2.31
Comp_Age	(8)	0.146^***	0.003	−0.001	0.078^***	0.007	0.001	0.008	1		1.65
CEO_TN	(9)	0.047^**	0.082^***	0.006	−0.012	0.023	−0.035^*	−0.017	0.097^**	1	1.53

Variables		(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	VIF
Fin	(1)	1
LnCEO_Age	(2)	0.096^***	1								1.33
Growth	(3)	0.011^*	−0.005	1							1.82
Lev	(4)	−0.083^***	−0.137^***	0.112^***	1						1.27
CF	(5)	0.068^***	0.091^***	0.059^***	−0.118^***	1					2.13
Size	(6)	0.108^***	0.142^***	−0.008	0.140^***	0.046^**	1				1.92
ROA	(7)	−0.018^**	−0.071^***	0.172^***	−0.102^***	0.119^***	0.032^**	1			2.31
Comp_Age	(8)	0.146^***	0.003	−0.001	0.078^***	0.007	0.001	0.008	1		1.65
CEO_TN	(9)	0.047^**	0.082^***	0.006	−0.012	0.023	−0.035^*	−0.017	0.097^**	1	1.53

Note(s): This table presents Pearson correlations and VIF values of all variables used in the regressions. ^***, ^**, ^* denote the statistical significance at the 1%, 5%, and 10% levels, respectively

Source(s): Author’s own work

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