Table 2.
Correlation matrix between variables.
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | |
|---|---|---|---|---|---|---|---|---|---|
| 1. ROA | 1 | ||||||||
| 2. ROE | 0.677*** | 1 | |||||||
| 3. TC | −0.096*** | −0.005*** | 1 | ||||||
| 4. TC2 | −0.189*** | −0.079*** | 0.869*** | 1 | |||||
| 5. FSIZE | 0.178*** | 0.154*** | −0.213*** | −0.230*** | 1 | ||||
| 6. LEV | −0.282*** | −0.029*** | 0.008*** | 0.001*** | −0.118*** | 1 | |||
| 7. LQD | 0.024*** | 0.047*** | −0.025*** | −0.041*** | −0.047*** | 0.044*** | 1 | ||
| 8. SGR | 0.119*** | 0.089*** | 0.048*** | 0.019*** | −0.010*** | 0.048*** | −0.015*** | 1 | |
| 9. GDP | 0.080*** | 0.065*** | 0.126*** | 0.106*** | −0.152*** | 0.058*** | −0.092** | 0.167 | 1 |
Note: Symbols *, **, and *** represent statistical significance at the 10%, 5%, and 1% levels, respectively.