Table 3.
Correlation matrix.
| Variables | Cei | Cgi | Mshare | Stability | Epower | Size | Lev | Roa | Tagr | Cflow | Tat | Top10 | Soe | Age |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cei | 1 | |||||||||||||
| Cgi | −0.319*** | 1 | ||||||||||||
| Mshare | −0.256*** | 0.282*** | 1 | |||||||||||
| Stability | −0.276*** | 0.298*** | 0.258*** | 1 | ||||||||||
| Epower | −0.279*** | 0.283*** | 0.259*** | 0.749*** | 1 | |||||||||
| Size | 0.047*** | −0.0170 | −0.089*** | 0.079*** | 0.078*** | 1 | ||||||||
| Lev | 0.081*** | −0.0120 | −0.124*** | −0.00400 | −0.00800 | 0.498*** | 1 | |||||||
| Roa | 0.029*** | −0.027** | 0.054*** | −0.070*** | −0.066*** | −0.00300 | −0.345*** | 1 | ||||||
| Tagr | 0.170*** | −0.065*** | −0.00200 | −0.120*** | −0.113*** | 0.140*** | 0.090*** | 0.317*** | 1 | |||||
| Cflow | −0.086*** | 0.021* | 0.024** | 0.098*** | 0.097*** | 0.030*** | −0.186*** | 0.408*** | −0.069*** | 1 | ||||
| Tat | −0.114*** | 0.024** | −0.00900 | −0.038*** | −0.037*** | 0.046*** | 0.118*** | 0.272*** | 0.084*** | 0.202*** | 1 | |||
| Top 10 | −0.00900 | 0.033*** | −0.126*** | −0.067*** | −0.077*** | 0.046*** | 0.064*** | 0.0160 | −0.078*** | 0.039*** | 0.056*** | 1 | ||
| Soe | 0.063*** | 0.00700 | −0.072*** | −0.042*** | −0.037*** | 0.106*** | 0.167*** | −0.103*** | −0.050*** | −0.059*** | −0.030*** | 0.059*** | 1 | |
| Age | 0.046*** | 0.00200 | −0.046*** | 0.238*** | 0.247*** | 0.185*** | 0.157*** | −0.087*** | −0.078*** | 0.063*** | −0.0160 | 0.00300 | 0.132*** | 1 |
Note: ***, **, and * indicate significance at 0.01, 0.05, and 0.1 levels of significance, respectively.