Variables

ETR

DY09

OPER

DY09 × OPER

SIZE

ROA

LEV

PPE

TECH

L_ETR

ETR

1

0.070***

0.036***

0.083***

0.122***

−0.000

0.057***

−0.048***

−0.011

0.471***

DY09

0.064***

1

−0.149***

0.517***

0.148***

0.071***

−0.072***

−0.186***

0.085***

0.055***

OPER

0.030***

−0.110***

1

0.638***

0.266***

−0.085***

0.160***

0.223***

−0.039***

0.078***

DY09 × OPER

0.048***

0.195***

0.752***

1

0.323***

−0.042***

0.114***

0.056***

−0.003

0.113***

SIZE

0.084***

0.150***

0.155***

0.183***

1

−0.015**

0.477***

0.029***

−0.123***

0.198***

ROA

−0.054***

0.076***

−0.030***

−0.031**

0.023***

1

−0.207***

−0.164***

0.099***

−0.113***

LEV

0.037***

−0.015**

0.025***

0.032***

0.446***

−0.139***

1

0.218***

−0.172***

0.119***

PPE

−0.020***

−0.188***

0.129***

0.064***

0.064***

−0.161***

0.240***

1

−0.035***

0.014**

TECH

−0.028***

0.085***

−0.032***

−0.025***

−0.129***

0.092***

−0.190***

−0.077***

1

−0.008

L_ETR

0.347***

0.072***

0.037***

0.072***

0.126***

−0.165***

0.066***

0.011

−0.028***

1