Correlations
| Variable . | CoD . | IPO . | Leverage . | Size . | Age . | Current ratio . | ROA . | Fixed assets . |
|---|---|---|---|---|---|---|---|---|
| CoD | 1 | |||||||
| IPO | −0.0412*** | 1 | ||||||
| Leverage | 0.0189 | −0.1959*** | 1 | |||||
| Size | −0.0663*** | 0.5874*** | 0.0437*** | 1 | ||||
| Age | 0.0524*** | 0.1804*** | −0.0496*** | 0.1585*** | 1 | |||
| Current ratio | 0.00280 | 0.1664*** | −0.3536*** | −0.0656*** | 0.0220* | 1 | ||
| ROA | −0.0660*** | −0.4344*** | −0.1058*** | −0.4096*** | −0.1717*** | 0.0803*** | 1 | |
| Fixed assets | 0.2408*** | 0.0116 | 0.0966*** | 0.0265** | 0.0115 | −0.2238*** | −0.0804*** | 1 |
| SOE | −0.0495*** | 0.0811*** | 0.0865*** | 0.2178*** | 0.00630 | −0.0535*** | −0.1437*** | 0.1289*** |
| Variable . | CoD . | IPO . | Leverage . | Size . | Age . | Current ratio . | ROA . | Fixed assets . |
|---|---|---|---|---|---|---|---|---|
| CoD | 1 | |||||||
| IPO | −0.0412*** | 1 | ||||||
| Leverage | 0.0189 | −0.1959*** | 1 | |||||
| Size | −0.0663*** | 0.5874*** | 0.0437*** | 1 | ||||
| Age | 0.0524*** | 0.1804*** | −0.0496*** | 0.1585*** | 1 | |||
| Current ratio | 0.00280 | 0.1664*** | −0.3536*** | −0.0656*** | 0.0220* | 1 | ||
| ROA | −0.0660*** | −0.4344*** | −0.1058*** | −0.4096*** | −0.1717*** | 0.0803*** | 1 | |
| Fixed assets | 0.2408*** | 0.0116 | 0.0966*** | 0.0265** | 0.0115 | −0.2238*** | −0.0804*** | 1 |
| SOE | −0.0495*** | 0.0811*** | 0.0865*** | 0.2178*** | 0.00630 | −0.0535*** | −0.1437*** | 0.1289*** |
Note(s): This table presents the correlation matrix for a list of main variables used in our testing. The variable definitions are provided in AppendixTable A1. Continuous variables are winsorized at the 1st and 99th percentiles. ***, ** and * represent significance at the 1, 5 and 10% levels, respectively