| (obs = 450) |
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| ROA | F.ROA | F2.ROA | DRS | AGE | SIZE | MR | TOP | FREE |
| ROA | 1 |
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| F.ROA | 0.587*** | 1 |
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| 0.000 |
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| F2.ROA | 0.470*** | 0.739*** | 1 |
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| 0.000 | 0.000 |
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| DRS | −0.460*** | −0.532*** | −0.517*** | 1 |
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| 0.000 | 0.000 | 0.000 |
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| AGE | −0.270*** | −0.423*** | −0.388*** | 0.602*** | 1 |
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| 0.000 | 0.000 | 0.000 | 0.000 |
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| SIZE | 0.226*** | 0.118** | 0.081* | −0.138*** | 0.135*** | 1 |
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| 0.000 | 0.012 | 0.085 | 0.003 | 0.004 |
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| MR | 0.236*** | 0.220*** | 0.192*** | −0.208*** | −0.009 | 0.596*** | 1 |
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| 0.000 | 0.000 | 0.000 | 0.000 | 0.854 | 0.000 |
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| TOP | 0.275*** | 0.292*** | 0.301*** | −0.368*** | −0.389*** | 0.186*** | 0.222*** | 1 |
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| 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 |
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| FREE | 0.500*** | 0.495*** | 0.424*** | −0.611*** | −0.535*** | 0.039 | 0.061 | 0.314*** | 1 |
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| 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.406 | 0.197 | 0.000 |
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