(1)

(2)

(3)

(4)

(5)

(6)

(7)

D_Diffetr (1)

HSR After (2)

−0.052***

1

HSR (3)

−0.00100

0.389***

1

Size (4)

0.012*

0.084***

−0.013*

1

Independent (5)

−0.000

0.034***

−0.022***

−0.018**

1

Lev (6)

0.205***

−0.055***

−0.00500

0.374***

−0.016**

1

ROA (7)

−0.208***

0.013*

0.017**

0.015**

−0.039***

−0.410***

1

Inventory (8)

−0.044***

−0.034***

0.013*

0.103***

0.0100

0.254***

−0.058***

PPE (9)

0.123***

−0.134***

−0.050***

0.084***

−0.042***

0.146***

−0.138***

Board (10)

0.024***

−0.106***

−0.038***

0.248***

−0.508***

0.141***

0.031***

soe (11)

0.062***

−0.118***

−0.044***

0.307***

−0.053***

0.303***

−0.118***

INTAN (12)

0.025***

−0.024***

−0.038***

−0.019***

−0.012*

0.034***

−0.067***

age (13)

0.031***

0.204***

0.025***

0.203***

0.027***

0.173***

−0.104***

(8)

(9)

(10)

(11)

(12)

(13)

Inventory (8)

1

PPE (9)

−0.324***

1

Board (10)

−0.025***

0.135***

1

soe (11)

0.00400

0.224***

0.258***

1

INTAN (12)

−0.195***

0.070***

0.036***

0.058***

1

age (13)

0.029***

0.00800

−0.019***

0.147***

0.035***

1