Table 8 Correlation matrix total leverage
TL | TL(L1) | TS | BR | NDTS | AgC | GROW | CP | PP | LIQ | TANG | CV | SIZE | INDTL | INMP | INF | ER | EG | CF | VIF | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
TL | 1 | 1.57 | ||||||||||||||||||
TL(L1) | 0.90 | 1 | 1.4 | |||||||||||||||||
TS | 0.01 | 0.00 | 1 | 1 | ||||||||||||||||
BR | 0.02 | 0.03 | 0.00 | 1 | 1 | |||||||||||||||
NDTS | −0.13 | −0.10 | 0.01 | 0.00 | 1 | 1.7 | ||||||||||||||
AgC | −0.22 | −0.22 | 0.02 | −0.01 | −0.10 | 1 | 1.12 | |||||||||||||
GROW | 0.05 | 0.02 | 0.00 | 0.03 | −0.02 | −0.03 | 1 | 1.02 | ||||||||||||
CP | −0.25 | −0.18 | −0.01 | 0.00 | 0.02 | 0.08 | 0.09 | 1 | 1.16 | |||||||||||
PP | −0.01 | 0.00 | 0.00 | 0.00 | −0.01 | 0.01 | 0.00 | 0.03 | 1 | 1 | ||||||||||
LIQ | −0.25 | −0.22 | −0.01 | −0.01 | −0.04 | 0.03 | −0.01 | 0.04 | 0.00 | 1 | 1.08 | |||||||||
TANG | −0.05 | −0.05 | 0.01 | 0.00 | 0.60 | −0.14 | −0.01 | −0.17 | 0.00 | −0.08 | 1 | 1.87 | ||||||||
CV | −0.11 | −0.12 | 0.01 | 0.01 | 0.43 | −0.12 | −0.01 | 0.09 | −0.01 | −0.11 | 0.45 | 1 | 1.4 | |||||||
SIZW | 0.42 | 0.40 | 0.00 | 0.01 | 0.05 | −0.18 | 0.05 | 0.05 | −0.01 | −0.11 | −0.03 | 0.06 | 1 | 1.39 | ||||||
INDTL | 0.01 | 0.00 | 0.01 | 0.01 | 0.04 | −0.02 | −0.02 | −0.06 | 0.00 | −0.03 | 0.10 | −0.01 | −0.21 | 1 | 1.24 | |||||
INMP | −0.01 | −0.01 | 0.00 | 0.00 | −0.01 | −0.01 | 0.00 | 0.01 | 0.00 | 0.00 | −0.01 | −0.02 | 0.01 | −0.05 | 1 | 1 | ||||
INF | 0.01 | 0.02 | −0.02 | 0.01 | −0.01 | −0.01 | 0.02 | 0.06 | 0.00 | 0.02 | −0.03 | 0.00 | 0.01 | 0.04 | 0.00 | 1 | 1.46 | |||
ER | −0.09 | −0.14 | 0.03 | −0.01 | 0.15 | −0.07 | 0.00 | −0.02 | 0.00 | −0.02 | 0.23 | 0.06 | −0.30 | 0.40 | −0.03 | −0.08 | 1 | 7.65 | ||
EG | −0.04 | −0.06 | 0.03 | 0.00 | 0.11 | −0.06 | 0.03 | 0.05 | 0.01 | −0.02 | 0.17 | 0.04 | −0.19 | 0.33 | −0.02 | 0.18 | 0.70 | 1 | 2.37 | |
CF | 0.08 | 0.12 | −0.02 | 0.01 | −0.14 | 0.07 | 0.01 | 0.01 | 0.00 | 0.02 | −0.21 | −0.06 | 0.28 | −0.41 | 0.02 | −0.16 | −0.90 | −0.74 | 1 | 7.61 |