| lnceopay | FE | Central | West | Lshare | Duality | Indd | Leverage | Lnsize | LnNI |
lnceopay | 1 | 0.158*** | −0.135*** | −0.151*** | 0.0798*** | −0.00681 | 0.0172* | 0.115*** | 0.450*** | 0.511*** |
FE | 0.161*** | 1 | −0.0561*** | −0.0880*** | −0.00234 | 0.0818*** | 0.0187* | −0.0530*** | 0.0232** | 0.0787*** |
Central | −0.133*** | −0.0561*** | 1 | −0.210*** | −0.0306*** | −0.0372*** | −0.00675 | 0.0600*** | 0.0288*** | −0.0198* |
West | −0.145*** | −0.0880*** | −0.210*** | 1 | −0.0282*** | −0.0772*** | −0.00484 | 0.0947*** | −0.0525*** | −0.0538*** |
Lshare | 0.0817*** | −0.00228 | −0.0260** | −0.0242** | 1 | −0.0536*** | 0.0385*** | 0.0756*** | 0.262*** | 0.241*** |
Duality | −0.00337 | 0.0818*** | −0.0372*** | −0.0772*** | −0.0614*** | 1 | 0.0800*** | −0.165*** | −0.199*** | −0.115*** |
Indd | 0.0168* | 0.0227** | −0.0163 | −0.00344 | 0.0567*** | 0.0862*** | 1 | −0.0023 | −0.0192* | 0.00542 |
Leverage | 0.0774*** | −0.0629*** | 0.0524*** | 0.0972*** | 0.0851*** | −0.141*** | 0.00115 | 1 | 0.351*** | 0.237*** |
Lnoin | 0.464*** | 0.0504*** | 0.0118 | −0.0612*** | 0.301*** | −0.178*** | 0.0117 | 0.198*** | 1 | 0.664*** |
Lnni | 0.511*** | 0.0971*** | −0.0337*** | −0.0597*** | 0.274*** | −0.110*** | 0.0279** | 0.178*** | 0.688*** | 1 |
* | P < 0.05, | ** | P < 0.01, | *** | P < 0.01 |
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