Future Business Journal

Table 2 Correlation matrix of data series.

From: Dividend policy-performance nexus: PMG-ARDL approach

	COR	MKV	INPPE	INGDP	DPS
COR	1.000000
	–
MKV	0.099090	1.000000
	0.0006	–
INPPE	− 0.145684	− 0.094330	1.000000
	0.0000	0.0010	–
INGDP	− 0.179635	0.239044	0.124664	1.000000
	0.0000	0.0000	0.0000	–
DPS	0.089477	0.067978	− 0.131544	0.064894	1.000000
	0.0018	0.0181	0.0000	0.0240	–

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