Table 3A.

Correlation coefficient test.

	LnInnovation	LnIndex	LnDepth	LnBreadth	LnDigital
LnInnovation	1.000
LnIndex	0.161***	1.000
LnDepth	0.153***	0.975***	1.000
LnBreadth	0.139***	0.973***	0.930***	1.000
LnDigital	0.177***	0.856***	0.815***	0.755***	1.000
LnFM	−0.032***	−0.017*	−0.009*	−0.013*	−0.022**
LnInventory	0.011*	0.116**	0.113**	0.125**	0.093*
LnEducation	0.032**	0.098**	0.097**	0.107**	0.047
LnProfit	0.017*	0.007	0.009	0.013	0.009
LnAge	−0.036***	−0.018	0.002	−0.041	−0.032
LnSize	0.025*	0.190***	0.195***	0.173***	0.135***
LnTobin's Q	0.005**	0.158***	0.100**	0.151***	0.199***
LnManagement	0.028*	0.006	−0.021	0.003	0.069

Note: *, **, *** indicate significant correlation at the 10%, 5%, and 1% levels, respectively, and the same below.