Table 1.

Summary statistics of all variables and Pearson correlations among variables.

	OPR	ROA	ROE	SR	SCORE	$\Delta GDP$	$\Delta TA$	SIZE
Panel A: Summary statistics
Mean	0.697	1.089	1.248	2.914	4.312	1.079	1.003	15.283
Median	0.722	0.800	1.020	2.260	−0.300	1.422	0.247	15.512
Maximum	0.928	7.550	9.890	52.110	145.868	7.469	101.389	16.241
Minimum	0.138	−10.790	−16.920	−36.640	−90.279	−3.923	−129.054	13.721
Standard deviation	0.143	1.971	2.717	12.859	36.036	2.971	26.287	0.761
Panel B: Pearson correlations
$\Delta GDP$	0.0922∗	0.0558	0.0713	−0.0044	0.2593∗∗∗	1.00	–	–
$\Delta TA$	0.3040∗∗∗	0.1256∗	0.1308∗∗	0.0585	0.2454∗∗∗	0.3836∗∗∗	1.00	–
SIZE	0.5234∗∗∗	−0.0361	−0.0364	−0.0015	−0.0588	−0.0169	0.0055	1.00

Note: OPR = occupancy rate; ROA = return on assets; ROE = return on equity; SR = quarterly stock returns; SCORE = the comprehensive scores; ΔGDP = real GDP growth; ΔTA = growth rate of total foreign tourist arrivals; SIZE = the natural logarithm of the average total assets. ∗Significance at the 10% level. ∗∗Significance at the 5% level. ∗∗∗Significance at the 1% level.