Table 3.

Results of correlation test.

Variable	Input	DID	Size	Lev	Cash	Roe	Growth	Shareh10	Age
Input	1
DID	0.277***	1
Size	−0.003	0.302***	1
Lev	−0.087***	0.112***	0.197***	1
Cash	−0.086***	0.069**	0.048*	−0.308***	1
Roe	−0.104***	−0.022	0.106***	−0.264***	0.235***	1
Growth	−0.124***	−0.085***	−0.023	−0.061**	0.044	0.173***	1
Shareh10	0.023	−0.091***	0.162***	−0.163***	0.163***	0.176***	0.193***	1
Age	−0.039	0.354***	0.441***	0.206***	−0.095***	−0.025	−0.124***	−0.244***	1

***p < 0.01; **p < 0.05; *p < 0.1.