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Future Business Journal

Table 2 Descriptive statistics and correlation

From: Sensitivity of firm size measures to practices of corporate finance: evidence from BRICS

 

Mean

SD

1

2

3

4

5

6

7

8

9

10

11

12

13

14

1. FL (assets to equity)

0.04

0.08

1.00

             

2. FL (debt to equity)

0.76

0.63

0.31*

1.00

            

3. Business segment

0.70

1.20

− 0.07

− 0.03

1.00

           

4. Dividend policy

0.75

0.69

− 0.11*

− 0.07

− 0.07*

1.00

          

5. CAPEX

0.85

0.36

− 0.02

− 0.03

0.12*

0.05

1.00

         

6. Independent directors

1.37

0.60

− 0.06*

− 0.11*

0.26*

0.25*

0.07*

1.00

        

7. Non-executive director

0.57

0.56

− 0.11*

− 0.02*

0.16*

0.18*

0.06*

0.52*

1.00

       

8. Pay level

0.68

0.47

− 0.03

− 0.03*

0.19*

0.08*

0.06*

0.24*

0.06*

1.00

      

9. ROA

8.83

4.77

− 0.13*

− 0.19*

0.18*

0.09*

0.19*

− 0.01

0.03

0.59*

1.00

     

10. ROE

8.02

4.26

− 0.13*

− 0.15*

0.09*

0.06*

0.11*

0.01

0.08*

0.03

0.56*

1.00

    

11. Size: Ln (MVE)

12.43

2.72

− 0.08*

− 0.06*

0.21*

0.23*

0.05*

0.46*

0.14*

0.27*

0.33*

0.16*

1.00

   

12. Size: Ln (total asset)

11.18

1.90

0.11*

0.17*

0.20*

− 0.18*

0.16*

0.20*

0.23*

0.18*

0.19*

0.06

0.37*

1.00

  

13. Size: Ln (total sale)

10.60

2.12

0.19*

0.16*

0.19*

0.25*

0.34*

0.23*

0.18*

0.20*

0.13*

0.17*

0.43*

0.83*

1.00

 

14. Size: # of employees

9.82

1.83

− 0.05*

− 0.04

0.24*

0.28*

0.14*

0.13*

0.19*

0.24*

0.01

0.13*

0.34*

0.41*

0.47*

1.00

  1. FL financial leverage, SD standard deviation
  2. *p<0.10, n = 1250
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