Correlations: Independent Variables in the Annual and Quarterly Data
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | |
|---|---|---|---|---|---|---|---|
| Annual Data | |||||||
| (1) Sales growth | 1.000 | ||||||
| (2) Capital intensity | −0.004 | 1.000 | |||||
| (3) Asset age | 0.218 | 0.003 | 1.000 | ||||
| (4) Firm size | 0.097 | 0.157 | 0.006 | 1.000 | |||
| (5) Firm market share | 0.006 | 0.062 | −0.126 | 0.508 | 1.000 | ||
| (6) Industry concentration | −0.114 | 0.013 | −0.331 | −0.121 | 0.384 | 1.000 | |
| (7) Discharge limit | 0.197 | 0.033 | 0.104 | 0.318 | −0.015 | −0.343 | 1.000 |
| Quarterly Data | |||||||
| (1) Sales growth | 1.000 | ||||||
| (2) Capital intensity | −0.143 | 1.000 | |||||
| (3) Asset age | 0.165 | −0.023 | 1.000 | ||||
| (4) Firm size | 0.141 | 0.090 | 0.127 | 1.000 | |||
| (5) Firm market share | 0.014 | 0.024 | −0.083 | 0.606 | 1.000 | ||
| (6) Industry concentration | −0.140 | 0.062 | −0.254 | −0.036 | 0.412 | 1.000 | |
| (7) Discharge limit | 0.248 | −0.024 | 0.122 | 0.401 | −0.029 | −0.378 | 1.000 |