| variable | 1 | 2 | 3 | 4 | 5 | 6 |
1 | Macro environment | 1 |
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2 | Industry Competitive Advantage | −0.858** | 1 |
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3 | Corporate integration capabilities | −0.874** | 0.966** | 1 |
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4 | ol | −0.599** | 0.700** | 0.715** | 1 |
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5 | Current ratio | −0.200* | 0.253** | 0.220* | 0.309** | 1 |
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6 | Average educational level of employees | −0.183 | 0.169 | 0.193* | 0.104 | 0.768** |
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6 | ROA | −0.833** | 0.931** | 0.955** | 0.768** | 0.245* | 1 |