. 2022 Mar 23;13:849238. doi: 10.3389/fpsyg.2022.849238

Table 3.

Correlation coefficients.

	DIVPAYER	DIV	AMBIGUITY	LOSS	RISK	STRATEGY	SIZE	LEVERAGE	BM	INDPEND	INST	FCF
DIVPAYER	1.000	0.894^***	−0.161^***	−0.004	−0.364^***	−0.015	0.334^***	0.154^***	−0.101^***	0.169^***	−0.221^***	0.055^***
DIV	0.593^***	1.000	−0.217^***	−0.024^**	−0.446^***	−0.001	0.423^***	0.179^***	−0.168^***	0.248^***	−0.261^***	0.092^***
AMBIGUITY	−0.100^***	−0.102^***	1.000	0.013	0.381^***	−0.027^***	−0.192^***	−0.042^***	0.344^***	−0.087^***	0.024^**	−0.133^***
LOSS	−0.004	−0.035^***	−0.009	1.000	−0.014	−0.153^***	0.083^***	0.023^**	0.131^***	0.012	0.017^*	−0.007
RISK	−0.340^***	−0.336^***	0.183^***	−0.022^**	1.000	0.015	−0.379^***	−0.091^***	0.231^***	−0.219^***	0.065^***	−0.096^**
STRATEGY	−0.011	0.012	0.006	−0.163^***	0.021^**	1.000	0.051^***	0.064^***	−0.051^***	−0.028^***	−0.041^***	0.087^***
SIZE	0.345^***	0.444^***	−0.085^***	0.082^***	−0.337^***	0.046^***	1.000	0.381^***	−0.101^***	0.256^***	−0.106^***	0.213^***
LEVERAGE	0.130^***	0.138^***	0.022^**	0.019^**	−0.038^***	0.055^***	0.332^***	1.000	0.026^***	0.137^***	−0.046^***	−0.061^***
BM	−0.124^***	−0.182^***	0.179^***	0.107^***	0.259^***	−0.047^***	−0.089^***	0.056^***	1.000	−0.038^***	0.070^***	−0.386^***
INDPEND	0.143^***	0.215^***	−0.013	0.012	−0.198^***	−0.028^***	0.223^***	0.092^***	−0.026^***	1.000	0.141^***	0.009
INST	−0.200^***	−0.222^***	−0.020^**	0.016	−0.033^***	−0.027^***	−0.119^***	−0.040^***	0.005	0.202^***	1.000	−0.007
FCF	0.047^***	0.109^***	−0.076^***	−0.008	−0.085^***	0.098^***	0.164^***	−0.098^***	−0.305^***	0.011	0.007	1.000

This table presents the Pearson and Spearman correlations for the sample observations for all the main variables used. The left triangle shows the Pearson Coefficient, and the right shows the Spearman Coefficient. ^*, ^** and ^*** mean statistical significance at 10, 5 and 1%, respectively.