臺大管理論叢 NTU Management Review VOL.30 NO.2

101 NTU Management Review Vol. 30 No. 2 Aug. 2020 SM_PROD it SM_DISX it DEBT it ST_DEBT it BIG it MV it ROA it DA it-1 0.884*** -0.054 -0.115 0.282** 0.309*** -0.231** 0.092 0.076 -0.068 0.028 0.133 0.118 -0.118 -0.250** 0.419*** -0.423*** -0.473*** 0.070 -0.429*** -0.095 0.149 0.571*** 0.580*** 0.134 -0.269*** -0.100 -0.077 0.466*** 0.137 0.105 0.472*** 0.080 0.029 -0.199* -0.168 -0.225* SM_PROD it SM_DISX it DEBT it ST_DEBT it BIG it MV it ROA it DA it-1 0.641*** -0.001 0.055 -0.253** -0.204* -0.156 0.052 0.133 -0.009 -0.331*** 0.179 0.096 0.102 -0.249** 0.183 0.098 -0.100 -0.336*** 0.004 -0.115 0.281** 0.314*** 0.345*** -0.034 0.141 -0.031 -0.196* 0.015 -0.087 -0.218* -0.314*** 0.346*** 0.069 0.188* 0.105 0.023 Specifically, our choice of variables takes into account concerns of multicollinearity. However, multicollinearity does not appear to be significant within our specification because the variance-inflation-factors (VIFs) on our independent variables are all less than 2.