Table 6.
Bivariate correlations
| Variables | 1. | 2. | 3. | 4. | 5. | 6. | 7. |
|---|---|---|---|---|---|---|---|
| 1. HM | – | – | – | – | – | – | – |
| 2. CurrTaxRisk |
−0.41*** (−0.45***) |
– | – | – | – | – | – |
| 3. CurrTRM |
0.34** (0.39**) |
0.02 (−0.02) |
– | – | – | – | – |
| 4. ∆TaxRisk |
−0.53*** (−0.51***) |
0.25 (0.33**) |
−0.10 (−0.13) |
– | – | – | – |
| 5. ∆Certainty |
0.58*** (0.59***) |
−0.29* (−0.32**) |
0.40** (0.47***) |
−0.56*** (−0.54***) |
– | – | – |
| 6. ∆Costs |
−0.34** (−0.36**) |
0.24 (0.31*) |
−0.15 (−0.22) |
0.59*** (0.64***) |
−0.46*** (−0.44***) |
– | – |
| 7. ∆TRM |
0.05 (0.03) |
0.23 (0.22) |
0.52*** (0.38**) |
0.25 (0.28*) |
0.01 (0.06) |
0.14 (0.16) |
– |
| 8. Years |
−0.51*** (−0.44***) |
0.15 (0.16) |
−0.39** (−0.43***) |
0.45*** (0.42***) |
−0.28* (−0.23) |
0.30* (0.28*) |
−0.12 (−0.09) |
This table displays Pearson correlation coefficients and Spearman (rank) correlation coefficients (in parentheses) between variables used in the main analyses. HM is a dummy variable, with 1 assigned to HM firms and 0 assigned to the control group. ***, ** and * indicate two-tailed statistical significance at the 1, 5, and 10% level, respectively.