Political Connections, Debt Restructuring, and Enterprise Investment: Evidence from China

Table 4

Spearman–Pearson correlation matrix.

	INV	ABSINV	LEV	CF	Q	AGE	SIZE	CSTR	ESH	RID	BOARD
INV	1.000	0.112	−0.165	0.205	0.112	−0.251	−0.001	0.120	0.157	0.013	0.003
ABSINV	0.701	1.000	−0.235	0.142	0.283	−0.160	−0.257	0.093	0.136	0.036	−0.092
LEV	−0.125	−0.101	1.000	−0.413	−0.378	0.345	0.292	−0.152	−0.314	−0.016	0.144
CF	0.129	0.100	−0.436	1.000	0.186	−0.252	−0.076	0.109	0.218	0.020	−0.053
Q	0.112	0.236	−0.218	0.166	1.000	−0.134	−0.434	0.130	0.217	0.044	−0.178
AGE	−0.193	−0.092	0.376	−0.320	−0.067	1.000	0.232	−0.317	−0.409	−0.015	0.055
SIZE	−0.044	−0.155	0.258	−0.126	−0.383	0.205	1.000	−0.085	−0.099	0.033	0.216
CSTR	0.100	0.063	−0.144	0.130	0.115	−0.329	−0.059	1.000	0.236	0.017	0.020
ESH	0.121	0.085	−0.332	0.259	0.135	−0.513	−0.151	0.256	1.000	0.068	−0.166
RID	0.018	0.032	−0.017	0.025	0.070	−0.031	0.052	0.007	0.098	1.000	−0.397
BOARD	−0.016	−0.065	0.139	−0.075	−0.162	0.072	0.249	0.015	−0.175	−0.378	1.000

Note. Statistical significance at the 5% levels. The Spearman correlation coefficients are above the leading diagonal, and the Pearson correlation coefficients are below the leading diagonal.