EARNINGS

CE

NR

D1CE

D2NR

LEV

OWN

ROE

COVID

AGE

EARNINGS

1

CE

0.777***

1

NR

0.443***

0.113***

1

D1CE

0.248***

0.453***

−0.088***

1

D2NR

0.096***

−0.036

0.770***

0.089***

1

LEV

−0.015

0.053

−0.154***

−0.066*

−0.266***

1

OWN

0.138***

0.136***

0.124***

−0.138***

0.025

0.153***

1

ROE

0.153***

0.162***

0.147***

0.280***

0.203***

−0.156***

0.004

1

COVID

−0.160***

−0.193***

−0.045

−0.102***

−0.041

0.239***

0.032

−0.082**

1

AGE

0.075**

0.063*

0.102***

0.151***

0.125***

−0.001

0.029

0.104***

0.04

1