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Correlation matrix of the study model.
| Factors | ROE | HHI | Firm size | Liquidity | Capital structure | Asset tangibility |
| ROE | 1 | |||||
| HHI | –0.00801 | 1 | ||||
| SIZE | 0.270*** | –0.00708 | 1 | |||
| Growth | 0.245*** | 0.0185 | –0.0167 | 1 | ||
| Capital structure | –0.154*** | –0.00652 | 0.196*** | –0.226*** | 1 | |
| Asset tangibility | –0.236*** | –0.00495 | 0.205*** | –0.379*** | 0.291*** | 1 |
Significance levels @ (i) *p < 0.1, (ii) ***p < 0.05, (iii) ***p < 0.01, ROE explains “return on firm’s equity” and HHI describes Herfindahl-Hirschman Index.
