Table 5 Correlations coefficient:...

Table 5

Correlations coefficient: dependent and independent variables

Variables		(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)
TOBINQ	(1)	–
MKTBK	(2)	−0.02	–
NAVPS	(3)	−0.16	0.36	–
MKTVAL	(4)	−0.11	0.95	0.34	–
LNBMEET	(5)	−0.04	0.27	0.06	0.25	–
BMEET	(6)	−0.04	0.17	0.02	0.17	0.79	–
GAPS	(7)	−0.03	0.00	0.01	0.00	−0.04	−0.03	–
GAPU	(8)	−0.04	−0.03	−0.04	−0.03	−0.04	−0.02	0.67	–
GAPSQU	(9)	−0.01	−0.04	−0.01	−0.04	−0.04	−0.03	0.68	0.93	–
GAP20	(10)	0.00	−0.03	0.01	−0.03	−0.03	−0.04	0.55	0.68	0.85	–
GAP15	(11)	0.00	−0.05	−0.02	−0.05	−0.04	−0.03	0.57	0.79	0.86	0.69	–
GAP10	(12)	−0.02	−0.04	−0.03	−0.04	−0.04	−0.01	0.56	0.84	0.75	0.45	0.65	–
GAP5	(13)	−0.06	0.00	−0.05	0.00	−0.03	0.00	0.44	0.77	0.55	0.27	0.39	0.61	–

Variables		(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)
TOBINQ	(1)	–
MKTBK	(2)	−0.02	–
NAVPS	(3)	−0.16	0.36	–
MKTVAL	(4)	−0.11	0.95	0.34	–
LNBMEET	(5)	−0.04	0.27	0.06	0.25	–
BMEET	(6)	−0.04	0.17	0.02	0.17	0.79	–
GAPS	(7)	−0.03	0.00	0.01	0.00	−0.04	−0.03	–
GAPU	(8)	−0.04	−0.03	−0.04	−0.03	−0.04	−0.02	0.67	–
GAPSQU	(9)	−0.01	−0.04	−0.01	−0.04	−0.04	−0.03	0.68	0.93	–
GAP20	(10)	0.00	−0.03	0.01	−0.03	−0.03	−0.04	0.55	0.68	0.85	–
GAP15	(11)	0.00	−0.05	−0.02	−0.05	−0.04	−0.03	0.57	0.79	0.86	0.69	–
GAP10	(12)	−0.02	−0.04	−0.03	−0.04	−0.04	−0.01	0.56	0.84	0.75	0.45	0.65	–
GAP5	(13)	−0.06	0.00	−0.05	0.00	−0.03	0.00	0.44	0.77	0.55	0.27	0.39	0.61	–

Note(s): All the variables are defined in Appendix. Italic indicates significance at the 1% level. This table reports the pairwise correlations between the variables used in the baseline regression. Correlation coefficients are reported for the dependent and independent variables only for the sake of brevity

Source(s): Authors’ own calculation

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