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Proceedings of the 8th International Conference on Intellectual ...

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Maria Cristina Morariu<br />

accordance with our expectati<strong>on</strong>s, <str<strong>on</strong>g>the</str<strong>on</strong>g>se findings appear to entirely support H1b, H1c, H2c, H3b, H3c,<br />

H4a and H4b, while rejecting, at least partially <str<strong>on</strong>g>the</str<strong>on</strong>g> rest <str<strong>on</strong>g>of</str<strong>on</strong>g> <str<strong>on</strong>g>the</str<strong>on</strong>g> hypo<str<strong>on</strong>g>the</str<strong>on</strong>g>ses.<br />

Table 7: Pears<strong>on</strong> correlati<strong>on</strong> matrix<br />

VAHU_LnVA SCVA_Rec VAIN_Rec VACA_rec VAICTM_rec ROE_rec ATO_Rec MB_Rec LN_SALES INDUSTRY<br />

VAHU_LnVA Pears<strong>on</strong> Correlati<strong>on</strong><br />

1 .844** .991** -.382 .910** .307 -.746** -.197 -.571* -.513<br />

Sig. (2-tailed)<br />

.000 .000 .178 .000 .285 .002 .499 .033 .061<br />

SCVA_Rec Pears<strong>on</strong> Correlati<strong>on</strong> .844** 1 .908** -.098 .924** .563* -.570* .074 -.486 -.410<br />

Sig. (2-tailed)<br />

.000 .000 .739 .000 .036 .033 .801 .078 .146<br />

VAIN_Rec Pears<strong>on</strong> Correlati<strong>on</strong> .991** .908** 1 -.323 .941** .379 -.724** -.136 -.567* -.502<br />

Sig. (2-tailed)<br />

.000 .000 .260 .000 .181 .003 .642 .035 .067<br />

VACA_rec Pears<strong>on</strong> Correlati<strong>on</strong> -.382 -.098 -.323 1 .018 .615* .278 .858** .542* -.180<br />

Sig. (2-tailed)<br />

.178 .739 .260 .952 .019 .336 .000 .045 .538<br />

VAICTM_rec Pears<strong>on</strong> Correlati<strong>on</strong> .910** .924** .941** .018 1 .621* -.666** .164 -.404 -.595*<br />

Sig. (2-tailed)<br />

.000 .000 .000 .952 .018 .009 .575 .152 .025<br />

ROE_rec Pears<strong>on</strong> Correlati<strong>on</strong> .307 .563* .379 .615* .621* 1 -.342 .731** .008 -.527<br />

Sig. (2-tailed)<br />

.285 .036 .181 .019 .018 .232 .003 .980 .053<br />

ATO_Rec Pears<strong>on</strong> Correlati<strong>on</strong> -.746** -.570* -.724** .278 -.666** -.342 1 -.085 .321 .603*<br />

Sig. (2-tailed)<br />

.002 .033 .003 .336 .009 .232 .772 .264 .023<br />

MB_Rec Pears<strong>on</strong> Correlati<strong>on</strong> -.197 .074 -.136 .858** .164 .731** -.085 1 .368 -.459<br />

Sig. (2-tailed)<br />

.499 .801 .642 .000 .575 .003 .772 .195 .099<br />

LN_SALES Pears<strong>on</strong> Correlati<strong>on</strong> -.571* -.486 -.567* .542* -.404 .008 .321 .368 1 .465<br />

Sig. (2-tailed)<br />

.033 .078 .035 .045 .152 .980 .264 .195 .094<br />

INDUSTRY Pears<strong>on</strong> Correlati<strong>on</strong> -.513 -.410 -.502 -.180 -.595* -.527 .603* -.459 .465 1<br />

Sig. (2-tailed)<br />

.061 .146 .067 .538 .025 .053 .023 .099 .094<br />

**. Correlati<strong>on</strong> is significant at <str<strong>on</strong>g>the</str<strong>on</strong>g> 0.01 level (2-tailed).<br />

Correlati<strong>on</strong>s a<br />

390<br />

*. Correlati<strong>on</strong> is significant at <str<strong>on</strong>g>the</str<strong>on</strong>g> 0.05 level (2-tailed).<br />

a. Listwise N=14

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