The Relationship between Extent of Internationalization and Firm Performance (Taiwan 1992–2017)

Table 8

Correlation matrix-median Tobin’s Q sample.

Tobin’s Q

FS

SC

LA

DA

AG

BS

OB

BP

PL

RD

MT

ME

Tobin’s Q

1.00; —

FS

0.02; (1.91)

1.00; —

SC

0.11; (10.37)

0.09; (8.4)

1.00; —

LA

−0.05; (−4.83)

−0.02; (−2.32)

−0.10; (−9.27)

1.00; —

DA

−0.05; (−4.29)

0.04; (3.91)

0.25; (24)

−0.06; (−5.76)

1.00; —

AG

0.02; (2.17)

−0.04; (−4.15)

0.40; (41.83)

−0.19; (−18.39)

0.13; (12.73)

1.00; —

BS

0.17; (16.02)

0.03; (2.83)

0.42; (43.44)

−0.18; (−17.15)

0.04; (3.93)

0.32; (32.46)

1.00; —

OB

0.13; (12.38)

0.22; (21.47)

0.11; (10.69)

−0.12; (−11.1)

0.04; (4.2)

0.01; (1.36)

0.26; (25.07)

1.00; —

BP

0.04; (3.68)

0.03; (2.46)

0.26; (25.66)

−0.01; (−0.6)

0.00; (0.28)

−0.01; (−0.82)

0.13; (12.7)

0.06; (5.37)

1.00; —

PL

0.02; (1.55)

−0.04; (−4.14)

0.29; (29.19)

−0.05; (−4.74)

0.12; (11.96)

0.18; (17.74)

0.14; (13.21)

−0.05; (−4.41)

0.05; (5.18)

1.00; —

RD

0.02; (2.28)

0.02; (1.67)

−0.29; (−28.7)

0.07; (6.39)

−0.23; (−22.83)

−0.27; (−26.7)

−0.15; (−14.37)

−0.05; (−4.56)

0.01; (0.52)

−0.08; (−7.71)

1.00; —

MT

0.00; (0.3)

−0.10; (−9.41)

−0.21; (−20.34)

0.00; (0.1)

−0.10; (−9.44)

−0.01; (−1.12)

0.00; (0.08)

−0.04; (−4.05)

−0.04; (−3.99)

−0.05; (−4.5)

0.26; (26)

1.00; —

ME

0.02; (2.2)

−0.01; (−1.31)

−0.30; (−29.46)

0.03; (2.64)

−0.12; (−11.08)

−0.14; (−13.71)

−0.08; (−7.37)

−0.02; (−2.25)

−0.06; (−5.57)

−0.04; (−4.14)

0.40; (41.78)

0.31; (30.67)

1.00; —

Note: ^∗, ^∗∗, and ^∗∗∗ denote significance at α = 0.1, α = 0.05, and α = 0.01, respectively.