[Retracted] Empirical Research on the Relationship between Industry Working Capital Shortfall and Company Cash Holding in the Same Industry

Table 3

Test of correlation coefficients of major variables (Pearson and Spearman).

Part A: variables that affect the level of cash holdings
		−0.264	−0.041	0.258	0.215	0.024	−0.118	−0.336	0.283
	−0.268		−0.053	−0.598	−0.066	−0.077	−0.093	0.034	−0.037
	−0.049	−0.037		0.047	0.0427	0.184	0.084	−0.027	0.044
	0.213	−0.470	0.026		0.297	0.040	0.032	−0.140	0.137
	0.223	−0.037	0.023	0.228		0.261	−0.146	0.099	0.501
	−0.038	−0.074	0.068	−0.001	0.180		−0.178	0.527	0.193
	−0.187	−0.087	0.067	−0.047	−0.090	−0.160		−0.354	0.024
	−0.357	0.104	−0.116	−0.175	0.024	0.442	−0.377		−0.041
	0.301	−0.072	0.034	0.112	0.474	0.110	−0.002	−0.057
	0.212	−0.317	0.014	0.160	0.082	−0.114	0.075	−0.249	0.113
	0.127	0.063	−0.097	−0.004	−0.106	−0.035	−0.044	0.064	−0.141
	0.063	0.017	0.015	0.159	0.047	0.015	0.026	−0.054	−0.074
	0.017	0.256	−0.043	−0.126	0.090	0.002	−0.016	0.057	0.108
	0.074	0.278	−0.131	−0.168	−0.002	0.037	−0.103	0.149	0.008
	0.030	0.033	0.032	0.060	−0.020	−0.018	0.020	−0.054	−0.018
	−0.132	0.288	−0.163	−0.016	−0.038	−0.045	−0.129	0.159	−0.086
	0.126	−0.194	0.150	0.116	0.035	0.096	0.098	−0.075	0.076
Continuation of part A
	0.255	0.187	0.052	0.015	0.068	0.030	−0.120	0.119
	−0.345	0.102	0.076	0.222	0.266	−0.004	0.276	−0.203
	0.025	−0.161	0.031	−0.064	−0.156	0.020	−0.022	0.176
	0.251	−0.084	0.124	−0.154	−0.199	0.031	−0.230	0.163
	0.106	−0.098	0.019	0.078	−0.004	−0.019	−0.057	0.055
	−0.093	−0.029	0.018	0.011	0.044	−0.026	−0.046	0.101
	0.085	−0.049	−0.003	−0.030	−0.096	0.022	−0.135	0.104
	−0.202	0.112	−0.044	0.045	0.127	−0.053	0.126	−0.050
	0.109	−0.178	−0.096	0.105	0.014	−0.018	−0.091	0.087
		−0.138	−0.017	−0.030	−0.112	−0.007	−0.170	0.109
	−0.110		−0.016	0.042	0.028	0.012	0.092	−0.055
	0.016	−0.039		−0.062	−0.012	0.014	−0.009	0.012
	−0.047	0.006	−0.044		0.003	0.023	0.047	−0.045
	−0.122	−0.002	−0.025	0.027		−0.448	0.287	−0.168
	−0.010	0.021	0.008	0.041	−0.459		−0.078	0.088
	−0.165	0.067	−0.028	0.060	0.307	−0.098		−0.181
	0.108	−0.064	0.024	−0.059	−0.160	0.100	−0.178
Part B: variables that affect the value of cash holdings
		−0.137	0.115	0.311	0.171	−0.302	0.056	−0.093	−0.143
	−0.131		0.039	−0.035	−0.121	0.162	−0.224	0.036	0.152
	0.103	0.026		0.174	0.026	0.113	−0.229	0.326	0.176
	0.217	−0.022	0.207		0.275	0.076	0.146	0.157	0.029
	0.162	−0.116	0.021	0.311		0.245	0.174	0.533	0.168
	−0.331	0.171	0.123	0.091	0.252		−0.005	0.244	0.172
	0.066	−0.237	−0.231	0.134	0163	−0.004		−0.057	0.072
	−0.108	0.108	0.329	0.149	0.517	0.247	−0.053		0.137
	−0.158	0.170	0.182	0.032	0.163	0.168	0.079	0.142

Note: The Pearson coefficient is down the diagonal, and the spearman coefficient is above the diagonal. , , , respectively represent significant, 0.01, 0.05, 0.10 level.