Table 3.

Correlation matrix of variables.

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)
(1) CS	1.000
(2) RED	−0.028	1.000
	(0.000)
(3) Size	−0.245	0.027	1.000
	(0.000)	(0.000)
(4) Capx	−0.021	−0.009	−0.010	1.000
	(0.009)	(1.000)	(0.996)
(5) Grow	0.028	−0.006	0.041	0.105	1.000
	(0.000)	(1.000)	(0.000)	(0.000)
(6) Cf	0.329	−0.008	0.019	0.134	0.045	1.000
	(0.000)	(1.000)	(0.051)	(0.000)	(0.000)
(7) Age	−0.167	0.111	0.159	−0.201	−0.040	−0.038	1.000
	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
(8) PAY	−0.063	−0.003	0.177	−0.008	−0.110	0.029	0.050	1.000
	(0.000)	(1.000)	(0.000)	(1.000)	(0.000)	(0.000)	(0.000)
(9) MB	0.299	0.008	−0.564	0.063	0.090	0.155	−0.129	−0.105	1.000
	(0.000)	(1.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
(10) Bsize	−0.038	−0.048	0.258	0.036	−0.006	0.033	−0.012	0.073	−0.177	1.000
	(0.000)	(0.000)	(0.000)	(0.000)	(1.000)	(0.000)	(0.940)	(0.000)	(0.000)
(11) Indep	0.003	0.050	0.019	−0.014	−0.003	−0.017	−0.009	−0.012	0.040	−0.501	1.000
	(1.000)	(0.000)	(0.043)	(0.620)	(1.000)	(0.138)	(1.000)	(0.884)	(0.000)	(0.000)
(12) PGDP	0.051	0.285	0.038	−0.051	0.007	−0.015	0.160	−0.005	0.045	−0.109	0.081	1.000
	(0.000)	(0.000)	(0.000)	(0.000)	(1.000)	(0.381)	(0.000)	(1.000)	(0.000)	(0.000)	(0.000)
(13) FSIZE	0.018	0.113	0.126	−0.120	−0.015	−0.028	0.178	0.029	−0.024	−0.061	0.064	0.249	1.000
	(0.092)	(0.000)	(0.000)	(0.000)	(0.459)	(0.000)	(0.000)	(0.000)	(0.001)	(0.000)	(0.000)	(0.000)

Notes: p-values in parentheses.