Table 2.

Pearson correlation analysis

	Variables	EADI	EPI	SIZE	LEV	ROE
Panel A	EADI	1.0000
	EPI	0.5533***	1.0000
	SIZE	0.5893***	0.5791***	1.0000
	LEV	0.5558***	0.5475***	0.5556***	1.0000
	ROE	− 0.109**	− 0.1431***	− 0.0206	0.0038	1.0000
Panel B	EADI	1.0000
	EPI	0.6580***	1.0000
	SIZE	0.6359***	0.6537***	1.0000
	LEV	0.6003***	0.6185***	0.6354***	1.0000
	ROE	− 0.0569**	− 0.0583	− 0.0208	− 0.0144	1.0000
Panel C	EADI	1.0000
	EPI	0.6538***	1.0000
	SIZE	0.6004***	0.5932***	1.0000
	LEV	0.5664***	0.5624***	0.6497***	1.0000
	ROE	− 0.0934**	− 0.1241***	− 0.0097	0.0054	1.0000

^***1% significant level, **5% significant level, *10% significant level