PB

0.003

−0.015

0.054***

−0.024**

0.280***

0.025**

−0.306***

1.000

lev

−0.075***

0.098***

−0.338***

−0.382***

−0.031***

0.027***

0.245***

0.137***

1.000

Firm age

−0.124***

0.097***

−0.214***

−0.187***

−0.021**

0.114***

0.084***

0.147***

0.396***

1.000

Growth

0.098***

−0.034***

−0.007

0.256***

0.080***

0.107***

−0.088***

0.055***

0

−0.081***

1.000

State

−0.192***

0.046***

−0.175***

−0.129***

−0.108***

0.111***

0.296***

−0.058***

0.304***

0.415***

−0.103***

1.000

COCEN

0.036***

−0.043***

−0.012

0.243***

0.030***

0.239***

0.124***

−0.133***

−0.174***

−0.383***

0.078***

−0.046***

1.000

Separation

−0.042***

0.003

−0.120***

−0.059***

−0.050***

0.039***

0.117***

−0.021**

0.140***

0.204***

−0.033***

0.262***

−0.041***

1.000

Age

−0.081***

0.004

−0.121***

−0.061***

−0.018*

0.186***

0.288***

−0.035***

0.121***

0.214***

−0.117***

0.303***

−0.020**

0.059***

1.000

Tenure

0.048***

−0.050***

0.059***

−0.025**

0.123***

0.143***

0.140***

−0.041***

−0.051***

0.107***

−0.112***

0.011

−0.081***

−0.052***

0.310***