Table 2 Correlation.

Inefficient

1

0.014

0.003

−0.053

0.081^*

0.128^***

−0.193^***

−0.127^***

0.118^***

−0.071^*

0.036

PT

−0.079^*

1

0.941^***

0.840^***

−0.606^***

−0.391^***

0.370^***

0.164^***

−0.543^***

0.477^***

−0.190^***

NT

−0.106^**

0.618^***

1

0.907^***

−0.579^***

−0.416^***

0.425^***

0.199^***

−0.5122^***

0.510^***

−0.134^***

TT

−0.105^**

0.718^***

0.781^***

1

−0.513^***

−0.389^***

0.469^***

0.245^***

−0.474^***

0.500^***

−0.089^**

Size

0.075^*

−0.348^***

−0.186^***

−0.209^***

1

0.692^***

−0.650^***

−0.358^***

0.860^***

−0.673^***

0.370^***

Leverage

0.142^***

−0.149^***

−0.125^***

−0.063

0.647^***

1

−0.886^***

−0.527^***

0.602^***

−0.601^***

0.181^***

Liquidity

−0.141^***

0.079^**

0.030

0.024

−0.558^***

−0.734^***

1

0.673^***

−0.563^***

0.637^***

−0.173^***

Cash

−0.036

0.213^***

0.165^***

0.121^***

−0.394^***

−0.483^***

0.591^***

1

−0.236^***

0.561^***

−0.053

TobinQ

0.096^**

−0.289^***

−0.136^***

−0.192^***

0.869^***

0.540^***

−0.496^***

−0.270^***

1

−0.537^***

0.357^***

Admin

−0.017

0.435^***

0.210^***

0.198^***

−0.469^***

−0.386^***

0.373^***

0.465^***

−0.358^***

1

−0.203^***

Duality

0.013

−0.070^*

0.020

−0.040

0.378^***

0.155^***

−0.170^***

0.031

0.372^***

−0.070^*

1