Table 2 Correlation matrix

LEV

1

PROF

−0.0229*

1

1.15

SIZE

0.3156*

0.1655*

1

4.09

NDTS

0.0470*

−0.1844*

0.0719*

1

1.47

NWC

−0.0705*

0.0569*

−0.0402*

−0.4184*

1

1.48

OC5%

−0.01

0.0447*

−0.0990*

−0.0876*

0.013

1

1.04

BSIZE

0.0882*

−0.0688*

0.1456*

0.0511*

−0.0215

0.0572*

1

1.06

MTB

−0.1807*

0.0457*

−0.3705*

−0.0122

−0.0259*

0.1101*

−0.0687*

1

1.37

TE

0.0258*

0.0222*

−0.004

−0.0201

−0.0018

0.0183

−0.0171

−0.005

1

1

INDLEV

0.4340*

0.0123

0.2253*

0.0985*

−0.0322*

−0.0743*

0.0882*

−0.1430*

0.0118

1

1.4

INDLIQ

0.1725*

0.0236*

0.0600*

0.4352*

−0.4884*

−0.0694*

0.002

−0.0858*

0.0003

0.3774*

1

1.87

INDHHI

0.0991*

0.2053*

0.8307*

0.1417*

−0.0795*

−0.0765*

0.1193*

−0.2975*

0.0021

0.0278*

0.0254*

1

3.78

GDP

−0.0196

0.0011

−0.0632*

0.0660*

−0.0077

0.0484*

0.0454*

0.0474*

−0.0024

0.0061

0.0897*

−0.0240*

1

1.55

INF

0.0266*

−0.0053

0.1529*

0.0184

0.0293*

0.0052

0.1126*

−0.1519*

−0.0247*

0.0223*

−0.1136*

0.1619*

0.2153*

1

1.42

LR

0.0232*

0.0375*

0.1394*

−0.0118

0.0148

0.0023

0.0253*

0.1538*

−0.0021

0.0087

−0.0922*

0.1320*

0.5380*

0.4675*

1

2.02