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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