Interest Rate Liberalization and Firm Leverage in China: Effects and Channels

Table 2

Pearson correlations among key variables.

	Lev	Slev	Llev	Irlib1	Irlib2	Size	ROA	MB	NDTS	PPE	Cflow	Capex	Grow	Meci
Lev	1
Slev	0.868	1
Llev	0.484	−0.001	1
Irlib1	−0.119	−0.139	0.002	1
Irlib2	−0.128	−0.150	0.003	0.991	1
Size	0.361	0.163	0.419	0.188	0.194	1
ROA	−0.273	−0.245	−0.120	−0.055	−0.056	0.069	1
MB	−0.215	−0.103	−0.213	−0.086	−0.106	−0.485	0.197	1
NDTS	0.040	0.003	0.080	−0.086	−0.095	−0.020	−0.066	−0.003	1
PPE	0.100	−0.026	0.241	−0.114	−0.123	0.062	−0.062	−0.099	0.742	1
Cflow	−0.156	−0.144	−0.062	−0.039	−0.045	0.034	0.355	0.111	0.310	0.261	1
Capex	−0.112	−0.195	0.116	−0.107	−0.100	0.00600	0.131	−0.00200	0.245	0.283	0.183	1
Grow	0.005	−0.002	0.001	−0.030	−0.033	0.087	0.274	0.034	−0.075	−0.045	0.070	0.076	1
Meci	0.025	0.024	0.011	−0.086	−0.113	0.078	0.035	0.100	−0.005	−0.036	0.016	−0.068	0.114	1

Note. , , and indicate statistical significance at 1 percent, 5 percent, and 10 percent, respectively.