variable

1

2

3

4

5

6

1

Macro environment

1

2

Industry Competitive Advantage

−0.858**

1

3

Corporate integration capabilities

−0.874**

0.966**

1

4

ol

−0.599**

0.700**

0.715**

1

5

Current ratio

−0.200*

0.253**

0.220*

0.309**

1

6

Average educational level of employees

−0.183

0.169

0.193*

0.104

0.768**

6

ROA

−0.833**

0.931**

0.955**

0.768**

0.245*

1