| Panel C: Pearson Correlation Matrix | |||||||||||||||||
| Sales | OC | Dec | Break | Employee Intensity | Asset Intensity | Successive Decrease | Stock Performance | EPS | |||||||||
| Sales | 1 | 0.998 | *** | −0.007 | *** | 0.029 | *** | −0.099 | *** | −0.022 | *** | −0.003 | −0.017 | *** | 0.005 | ** | |
| OC |
| 1 | −0.004 | * | 0.030 | *** | −0.099 | *** | −0.022 | *** | −0.002 | −0.018 | *** | 0.004 | * | ||
| Dec | 1 | 0.070 | *** | −0.012 | *** | 0.068 | *** | 0.212 | *** | −0.101 | *** | −0.009 | *** | ||||
| Break | 1 | −0.015 | *** | −0.045 | *** | −0.150 | *** | −0.111 | *** | 0.000 | |||||||
| Employee Intensity | 1 | 0.209 | *** | −0.013 | *** | −0.007 | *** | 0.000 | |||||||||
| Asset Intensity | 1 | 0.070 | *** | 0.001 | −0.004 | * | |||||||||||
| Successive Decrease | 1 | 0.052 | *** | 0.000 | |||||||||||||
| Stock Performance | 1 | 0.001 | |||||||||||||||
| EPS | 1 | ||||||||||||||||