Analysis on the Relationship between Financing Constraints and Research and Development from the Perspective of the Location of Top Management Network

Table 3

Correlation test results.

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)
(1) RD	1.000
(2) FC	0.138	1.000
(3) SH	−0.021	−0.054	1.000
(4) Lev	0.140	−0.148	0.023	1.000
(5) ROA	0.028	−0.112	0.046	−0.260	1.000
(6) Cash	0.036	0.064	0.013	−0.090	0.102	1.000
(7) Cen	0.083	−0.086	0.039	0.028	0.078	0.200	1.000
(8) Dual	−0.006	0.038	−0.043	−0.128	0.003	0.016	−0.018	1.000
(9) Age	0.035	−0.075	−0.009	0.343	−0.069	0.003	−0.215	−0.182	1.000
(10) Size	0.344	−0.195	0.039	0.407	0.024	−0.078	0.251	−0.141	0.216	1.000
(11) SOE	0.064	−0.080	0.101	0.289	−0.053	0.037	0.047	−0.298	0.431	0.292	1.000
(12) Mstock	−0.025	0.087	−0.016	−0.231	0.033	0.013	0.056	0.392	−0.421	−0.188	−0.353	1.000
(13) Rev	0.201	−0.136	0.026	0.122	0.169	−0.052	0.080	−0.055	0.072	0.407	0.066	−0.060	1.000

Note.  < 0.1;  < 0.01.