GR

OC

∆ROA

Shr1

State

GT

FCF

Lev

Size

GR

1

OC

0.188**

1

∆ROA

0.119

−0.0250

1

Shr1

−0.198**

−0.0290

0.0640

1

State

−0.227***

−0.119

−0.0930

0.00100

1

GT

−0.173**

−0.0980

0.185**

0.00800

0.328***

1

FCF

−0.0330

0.0390

−0.0720

−0.0170

−0.0250

0.0490

1

Lev

0.0970

0.142*

−0.0170

−0.142*

0.113

0.244***

0.195**

1

Size

−0.176**

−0.283***

0.0620

0.145*

0.0720

−0.0160

−0.128

−0.377***

1