R&D

Degree

Age

Size

SA

Lev

ROA

Cash

Equity

Growth

R&D

1.0000

Degree

0.147^***

1.0000

Age

−0.100^***

−0.0280

1.0000

Size

0.422^***

0.092^***

0.213^***

1.0000

SA

0.163^***

0.080^**

−0.848^***

0.0350

1.0000

Lev

0.173^***

0.069^**

0.246^***

0.532^***

−0.085^***

1.0000

ROA

0.0530

−0.0320

−0.0520

0.070^**

−0.0040

−0.246^***

1.0000

Cash

−0.0330

0.0020

−0.203^***

−0.309^***

0.075^**

−0.471^***

0.220^***

1.0000

Equity

0.0420

0.0310

0.218^***

0.328^***

−0.120^***

0.258^***

−0.0150

−0.157^***

1.0000

Growth

0.0270

−0.0250

−0.204^***

−0.063^*

0.141^***

−0.182^***

0.282^***

0.361^***

−0.262^***

1.0000