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Financial Innovation

Table 3 Pairwise correlation and results of multicollinearity test

From: Debt choice, growth opportunities and corporate investment: evidence from China

Variables

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

VIF

(1) INVST

1.000

          

(2) LEVt-1

−0.01*

1.000

        

1.36

(3) GTHt-1

0.06*

−0.42*

1.00

       

1.26

(4) ROAt-1

−0.07*

−0.28*

0.15*

1.00

      

1.25

(5) TGt-1

−0.17*

0.03*

−0.12*

− 0.04*

1.00

     

1.37

(6) CFLOWt-1

0.03*

−0.16*

0.05*

0.34*

0.30*

1.00

    

1.34

(7) CASHt-1

−0.06*

− 0.22*

0.15*

0.12*

−0.33*

0.10*

1.00

   

1.24

(8) BSIZEt-1

−0.02*

0.11*

−0.16*

0.03*

0.16*

0.07*

−0.02*

1.00

  

1.23

(9) CEODUAt-1

0.03*

−0.11*

0.13*

0.02

−0.06*

−0.02*

0.04*

−0.15*

1.00

 

1.04

(10)INDBOARD t-1

0.01

0.03

0.03*

−0.04*

− 0.07*

− 0.04*

0.01

− 0.35*

0.07*

1.00

1.15

  1. Note. This table reports correlation analysis. Definitions of variables are given in Table 1.* shows significance at the .01 level
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