| Variable | VIF | 1/VIF |
| Size | 1.850 | 0.541 |
| Lev | 1.620 | 0.616 |
| ROA | 1.480 | 0.674 |
| SOE | 1.230 | 0.812 |
| TobinQ | 1.230 | 0.815 |
| Patent | 1.190 | 0.843 |
| risk | 1.150 | 0.868 |
| Top1 | 1.150 | 0.871 |
| ROE | 1.140 | 0.874 |
| FirmAge | 1.090 | 0.915 |
| ATO | 1.070 | 0.932 |
| Mfee | 1 | 0.999 |
| Growth | 1 | 1.000 |
| Mean | VIF | 1.250 |