1

2

3

4

5

6

7

1) Cash

1

2) ln(Spill_Tech)

0.111***

1

3) R&D-Invest

0.25***

0.238***

1

4) ln(Total-Asset)

−0.321***

0.044

−0.186***

1

5) Asset-Liability-Ratio

−0.621***

−0.023

−0.255***

0.57***

1

6) Net-Capital

0.301***

0.133***

0.256***

−0.415***

−0.709***

1

7) ROA

0.363***

0.038

0.27***

−0.017

−0.481***

0.394***

1