Table 3. Correlation analysis of key variables.
| Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) | (11) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| (1) Insurer Dummy | 1 | ||||||||||
| (2) Holding ratio | 0.98*** | 1 | |||||||||
| (3) ROA1 | - | - | 1 | ||||||||
| (4) ROA3 | - | - | 0.88*** | 1 | |||||||
| (5) BHR1 | - | - | 0.17*** | 0.15*** | 1 | ||||||
| (6) BHR3 | - | - | 0.12*** | 0.22*** | 0.46*** | 1 | |||||
| (7) Local | 0.02*** | 0.02*** | -0.01 | -0.00 | -0.02 | -0.04 | 1 | ||||
| (8) Local province | 0.02*** | 0.02*** | -0.01 | 0.00 | -0.02 | -0.0 | 0.87*** | 1 | |||
| (9) Ln (distance) | -0.02*** | -0.02*** | 0.01 | -0.01 | 0.01 | 0.05 | -0.77*** | -0.79*** | 1 | ||
| (10) SOE | 0.03*** | 0.03*** | -0.08*** | -0.10*** | -0.01 | -0.16*** | 0.04*** | 0.01*** | -0.02*** | 1 | |
| (11) Size | 0.07*** | 0.06*** | -0.10*** | -0.14*** | -0.06 | -0.17*** | 0.05*** | 0.04*** | -0.05*** | 0.30*** | 1 |
| (12) Leverage | 0.01*** | 0.01*** | -0.38*** | -0.43*** | 0.02 | -0.10*** | -0.02*** | -0.03*** | 0.01*** | 0.25*** | 0.38*** |
| (13) Top1 | 0.03*** | 0.02*** | 0.09*** | 0.05*** | 0.05*** | -0.05*** | 0.04*** | 0.03*** | -0.05*** | 0.24*** | 0.26*** |
| (14) ROA | 0.02*** | 0.02*** | 0.77*** | 0.74*** | 0.05*** | 0.03* | 0.03*** | 0.03*** | -0.02*** | -0.11*** | -0.09*** |
| (15) Growth | -0.01*** | -0.01*** | 0.06*** | 0.03* | -0.02 | -0.04** | 0.00*** | 0.00 | 0.00*** | -0.06*** | 0.03*** |
| (16) Dividend ratio | 0.01*** | 0.01*** | 0.06*** | 0.05*** | 0.04*** | 0.06*** | 0.00 | 0.01*** | -0.01*** | -0.05*** | 0.06*** |
| (17) Free float | 0.01*** | 0.01*** | -0.02 | -0.04*** | -0.00 | -0.06 | -0.01*** | -0.01*** | -0.00** | 0.17*** | 0.01*** |
| (18) Risk taking | -0.03*** | -0.03*** | 0.01 | 0.02 | -0.03* | -0.02 | -0.02*** | -0.02*** | 0.03*** | -0.06*** | -0.25*** |
| (19) EM | -0.02*** | -0.01*** | 0.01 | 0.00 | -0.03* | -0.02 | -0.00 | -0.00** | -0.00 | -0.05*** | -0.08*** |
| (20) Market index | -0.00 | -0.00 | 0.02* | 0.08*** | 0.03** | 0.11*** | 0.16*** | 0.19*** | -0.22*** | -0.17*** | 0.02*** |
| (21) GDP | 0.00* | 0.01*** | -0.01 | 0.02 | -0.10*** | 0.09*** | -0.00*** | 0.06*** | -0.08*** | -0.26*** | 0.05*** |
| (22) Per capita GDP | 0.01*** | 0.01*** | -0.05*** | -0.02 | -0.16*** | 0.01 | 0.23*** | 0.23*** | -0.25*** | -0.18*** | 0.16*** |
| Variables | (12) | (13) | (14) | (15) | (16) | (17) | (18) | (19) | (20) | (21) | (22) |
| (12) Leverage | 1 | ||||||||||
| (13) Top1 | 0.06*** | 1 | |||||||||
| (14) ROA | -0.30*** | 0.06*** | 1 | ||||||||
| (15) Growth | 0.07*** | 0.03*** | 0.13*** | 1 | |||||||
| (16) Dividend ratio | -0.18*** | 0.09*** | -0.03*** | -0.11*** | 1 | ||||||
| (17) Free float | 0.15*** | -0.07*** | -0.05*** | -0.14*** | -0.04*** | 1 | |||||
| (18) Risk taking | 0.06*** | -0.06*** | 0.12*** | 0.14*** | -0.16*** | -0.05*** | 1 | ||||
| (19) EM | 0.11*** | -0.01*** | 0.14*** | 0.25*** | -0.11*** | -0.04*** | 0.19*** | 1 | |||
| (20) Market index | -0.13*** | 0.00*** | 0.05*** | -0.03*** | 0.09*** | -0.13*** | -0.10*** | -0.03*** | 1 | ||
| (21) GDP | -0.16*** | -0.04*** | 0.03*** | -0.04*** | 0.10*** | -0.11*** | -0.11*** | -0.04*** | 0.66*** | 1 | |
| (22) Per capita GDP | -0.16*** | 0.01*** | 0.02*** | -0.03*** | 0.10*** | -0.11*** | -0.12*** | -0.02*** | 0.68*** | 0.60*** | 1 |
Local/Local province are significantly positively correlated with Insurer Dummy/Holding ratio, which preliminarily indicates that insurance companies overweigh local firms that are more geographically nearby, with a higher shareholding ratio. Ln(distance) is significantly negatively correlated with Insurer Dummy/Holding Ratio, which indicates that the farther the linear distance between the insurance company and the stock’s registration place, the less likely the insurance company is to invest in such firms, and the lower the stockholding ratio of the company held.