Table 3.
Correlation matrix.
| NCSKW | DUVO | FF1 | FF2 | COVID | BSIZE | BIND | IOW | ERNM | ROA | MTB | SIGMA | SIZE | LEV | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| NCSKW | 1.000 | |||||||||||||
| DUVO | 0.582*** | 1.000 | ||||||||||||
| FF1 | −0.347*** | −0.251*** | 1.000 | |||||||||||
| FF2 | −0.227** | −0.243* | 0.218 | 1.000 | ||||||||||
| COVID | 0.152** | 0.178*** | −0.285** | 0.135 | 1.000 | |||||||||
| BSIZE | −0.123 | 0.164 | 0.084*** | 0.313** | 0.121 | 1.000 | ||||||||
| BIND | 0.057** | −0.103*** | 0.161* | 0.223*** | 0.148*** | 0.228* | 1.000 | |||||||
| IOW | −0.159 | 0.258 | −0.115 | −0.219* | −0.228** | 0.272 | 0.129 | 1.000 | ||||||
| ERNM | 0.289*** | 0.267*** | 0.019*** | 0.023 | 0.291* | 0.352 | −0.132*** | 0.351*** | 1.000 | |||||
| ROA | 0.124 | 0.229 | −0.019 | −0.263*** | −0.031 | −0.215*** | 0.162** | −0.097*** | 0.231** | 1.000 | ||||
| MTB | 0.171 | −0.069** | 0.241*** | 0.158 | −0.241*** | −0.243** | −0.218 | 0.391 | 0.159 | 0.226 | 1.000 | |||
| SIGMA | 0.317*** | 0.229** | 0.145* | 0.334* | 0.228 | 0.162* | 0.319 | −0.263*** | 0.126 | −0.291** | 0.231 | 1.000 | ||
| SIZE | −0.113 | 0.087*** | −0.210 | 0.029*** | 0.048*** | 0.229 | 0.085*** | −0.337 | 0.192*** | 0.253 | −0.238* | 0.179 | 1.000 | |
| LEV | 0.216 | 0.472 | −0.129*** | −0.142*** | −0.227 | 0.253 | 0.187 | 0.143 | −0.269 | 0.065* | −0.384 | 0.159** | 0.128 | 1.000 |
Note: This table reports the Pearson's correlation matrix. Statistical significance is indicated as ***, **, and * at the 1 %, 5 %, and 10 % levels, respectively.