Table 4 Correlation matrix

Employees (X1)

1

Net fixed assets (X2)

0.208

1

Operating expenses (X3)

0.541

0.436

1

Transaction costs (Z1)

0.792

0.111

0.460

1

Management fee of equity fund (Z2)

0.792

0.383

0.683

0.851

1

Management fee of bond fund (Z3)

0.423

0.277

0.691

0.374

0.488

1

Other expenses (Z4)

0.768

-0.035

0.483

0.828

0.735

0.530

1

Change in equity fund (Y1)

0.795

0.373

0.698

0.843

0.984

0.517

0.751

1

Change in bond fund (Y2)

0.503

0.121

0.478

0.536

0.548

0.808

0.701

0.567