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 |