lnceopay

FE

Central

West

Lshare

Duality

Indd

Leverage

Lnsize

LnNI

lnceopay

1

0.158***

−0.135***

−0.151***

0.0798***

−0.00681

0.0172*

0.115***

0.450***

0.511***

FE

0.161***

1

−0.0561***

−0.0880***

−0.00234

0.0818***

0.0187*

−0.0530***

0.0232**

0.0787***

Central

−0.133***

−0.0561***

1

−0.210***

−0.0306***

−0.0372***

−0.00675

0.0600***

0.0288***

−0.0198*

West

−0.145***

−0.0880***

−0.210***

1

−0.0282***

−0.0772***

−0.00484

0.0947***

−0.0525***

−0.0538***

Lshare

0.0817***

−0.00228

−0.0260**

−0.0242**

1

−0.0536***

0.0385***

0.0756***

0.262***

0.241***

Duality

−0.00337

0.0818***

−0.0372***

−0.0772***

−0.0614***

1

0.0800***

−0.165***

−0.199***

−0.115***

Indd

0.0168*

0.0227**

−0.0163

−0.00344

0.0567***

0.0862***

1

−0.0023

−0.0192*

0.00542

Leverage

0.0774***

−0.0629***

0.0524***

0.0972***

0.0851***

−0.141***

0.00115

1

0.351***

0.237***

Lnoin

0.464***

0.0504***

0.0118

−0.0612***

0.301***

−0.178***

0.0117

0.198***

1

0.664***

Lnni

0.511***

0.0971***

−0.0337***

−0.0597***

0.274***

−0.110***

0.0279**

0.178***

0.688***

1

*

P < 0.05,

**

P < 0.01,

***

P < 0.01