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Table 5 Correlation matrix of the key variables

From: Alternative measure of financial development and investment-cash flow sensitivity: evidence from an emerging economy

Variables

\( \raisebox{1ex}{$I$}\!\left/ \!\raisebox{-1ex}{$K$}\right. \)

\( \raisebox{1ex}{$ CF$}\!\left/ \!\raisebox{-1ex}{$K$}\right. \)

Q

\( \raisebox{1ex}{$S$}\!\left/ \!\raisebox{-1ex}{$K$}\right. \)

(1)

(2)

(3)

(4)

\( \raisebox{1ex}{$I$}\!\left/ \!\raisebox{-1ex}{$K$}\right. \)

1

   

\( \raisebox{1ex}{$ CF$}\!\left/ \!\raisebox{-1ex}{$K$}\right. \)

0.671

1

  

Q

0.557

0.1590*

1

 

\( \raisebox{1ex}{$S$}\!\left/ \!\raisebox{-1ex}{$K$}\right. \)

0.573

0.0022

0.008*

1

VIF

1.11

1.21

1.01

1.00

  1. Note: (i) * show the 10% level of significance respectively