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Table 3 Correlation matrix with coefficients representing correlations across major independent (non-binary) variables used in the study

From: Raising capital amid economic policy uncertainty: an empirical investigation

 

EPU

Long-term investor

Institutional investor

Concentration

Insider optimism

Market optimism

Board size

Firm size

Analyst coverage

Analyst variance

EPU

1

         

Long-term investor

0.0704

1

        

Institutional investor

− 0.0388

− 0.102

1

       

Concentration

− 0.0416

− 0.154

0.7958

1

      

Insider optimism

0.0259

− 0.0468

− 0.0034

− 0.0037

1

     

Market optimism

− 0.0118

− 0.0178

0.017

0.0038

0.0496

1

    

Board size

0.0221

0.1846

− 0.0048

− 0.0369

− 0.0454

− 0.0189

1

   

Firm size

− 0.0217

0.279

− 0.0193

− 0.0705

− 0.1061

− 0.0419

0.478

1

  

Analyst coverage

− 0.0147

0.1962

0.0014

− 0.0481

− 0.0185

0.0965

0.226

0.6355

1

 

Analyst variance

− 0.0431

0.0738

0.0498

0.0142

0.0091

0.0325

0.0607

0.1868

0.2463

1

  1. The sample includes annual macroeconomic data and annual firm-related data of 6834 publicly listed firms in the US. Sample period starts 2000 until 2018