Table 5. Correlation matrix Rm-rf SMB...

Table 5.

Correlation matrix

	Rm-rf	SMB	HML	RMW	CMA	RD	VIF
RM-RF	1						3.12
SMB	0.2423	1					2.3
HML	0.5589	0.2779	1				2.84
RMW	−0.4329	−0.3205	−0.2263	1			1.68
CMA	0.2723	0.25	0.3054	0.2743	1		1.55
RD	0.5147	0.4081	0.5675	−0.0469	0.1441	1	2.7

Source: Researchers’ computation

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