V1

V2

V3

V4

V5

V6

V7

V8

V9

V1: LnSGA

1

V2: LnS-Cost

0.666***

1

V3: LnA-Cost

0.791***

0.224***

1

V4: LnSales

0.546***

0.467***

0.390***

1

V5: ICQ

0.124***

0.100***

0.093***

0.193***

1

V6: AI

−0.018**

−0.040***

0.0100

−0.149***

−0.108***

1

V7: ROS

0.091***

0.053***

0.066***

0.053***

0.104***

0.382***

1

V8: LEV

0.053***

0.023***

0.074***

0.073***

0.035***

−0.020**

−0.405***

1

V9: $D_{i,t}$

−0.303***

−0.293***

−0.183***

−0.615***

−0.240***

0.180***

−0.044***

−0.043***

1