RD1

RD2

RD3

academic

Soe

Dul

Size

Lev

ROA

Growth

RD1

1.000

RD2

0.420^***

1.000

RD3

0.566^***

0.729^***

1.000

Academic

0.249^***

0.260^***

0.262^***

1.000

Soe

0.101^***

0.310^***

0.275^***

0.113^***

1.000

Dul

0.057^***

0.169^***

0.156^***

0.196^***

0.263^***

1.000

Size

0.413^***

−0.302^***

−0.326^***

0.034^***

−0.27^***

−0.13^***

1.000

Lev

−0.007

−0.35^***

−0.283^***

−0.06^***

−0.27^***

−0.10^***

0.40^***

1.000

ROA

0.150^***

0.045^***

0.188^***

0.07^***

0.122^***

0.051^***

−0.012

−0.43^***

1.000

Growth

0.069^***

−0.015^*

0.037^***

0.051^***

0.08^***

0.03^***

0.05^***

0.003

0.26^***