Table 2.
The Pearson correlation coefficients between the variables and their corresponding significance in brackets. MR stands for the monthly digital companies’ stock returns, MtB stands for the monthly market-to-book ratio, GC19 is the monthly growth in total confirmed cases, GD19 is the monthly growth in total death cases, NOSH represents the total number of common shares, BETA is the digital companies’ risk, and VOL represents the historical volatilities.
| MR | MtB | GC19 | GD19 | NOSH | BETA | VOL | |
|---|---|---|---|---|---|---|---|
| MR | 1 | ||||||
| MtB | 0.106 | 1 | |||||
| (0.008) | |||||||
| GC19 | 0.646 | 0.006 | 1 | ||||
| (0.000) | (0.874) | ||||||
| GD19 | 0.581 | 0.008 | 0.901 | 1 | |||
| (0.000) | (0.850) | (0.000) | |||||
| NOSH | −0.021 | –0.077 | −0.040 | –0.046 | 1 | ||
| (0.608) | (0.054) | (0.314) | (0.247) | ||||
| BETA | −0.022 | 0.038 | 0.019 | 0.036 | −0.214 | 1 | |
| (0.574) | (0.340) | (0.625) | (0.369) | (0.000) | |||
| VOL | 0.019 | −0.102 | –0.029 | 0.036 | −0.197 | 0.622 | 1 |
| (0.636) | (0.011) | (0.458) | (0.367) | (0.000) | (0.000) |