The Political Connections and Commercial Credit Financing of Privately Held Companies

Table 2

Descriptive statistics and correlation of main variables.

Variable	Average value	Standard deviation	1	2	3	4
1. Commercial standing	0.241	0.161	1
2. Political affiliation	1.775	0.305	−0.054	1
3. Enterprise age	2.697	4.556	−0.032	−0.049	1
4. Enterprise size	9.268	0.391	0.092	0.101	0.204	1
5. Corporate leverage	0.335	0.183	0.366	0.045	0.190	0.394
6. Fixed assets	0.203	0.117	−0.028	0.085	0.087	0.065
7. Capital intensity	0.145	0.145	0.100	0.038	−0.150	−0.061
8. Corporate performance	0.089	0.092	−0.211	0.017	−0.103	0.142
9. Equity concentration	0.155	0.103	−0.081	0.032	−0.120	0.032
10. CEO two in one	0.395	0.489	0.003	−0.076	−0.058	−0.100
11. Business linkages	3.227	2.098	0.061	0.163	0.098	0.245
12. Insolvency distance	2.098	0.825	−0.361	−0.093	−0.107	−0.392
13. Regional GNP	4.720	0.177	0.096	−0.094	0.128	0.134
Variable	5	6	7	8	9	10
5. Corporate leverage	1
6. Fixed assets	0.215	1
7. Capital intensity	−0.130	0.112	1
8. Corporate performance	−0.104	−0.196	−0.078	1
9. Equity concentration	−0.131	−0.067	0.014	0.194	1
10. CEO two in one	−0.079	−0.090	0.070	0.036	0.040	1
11. Business linkages	0.136	0.028	0.004	−0.068	−0.072	−0.139
12. Insolvency distance	−0.301	−0.258	0.063	0.201	0.126	0.077
13. Regional GNP	−0.039	−0.029	−0.044	−0.024	0.052	0.041

Note. , , and represent significant levels of 10%, 5%, and 1%, respectively (double-tailed test).