High ownership concentration and exporting of emerging market firms: evidence from Peru

Frontiers of Business Research in China

Table 2 Correlation coefficients and descriptive analysis

Variables	1	2	3	4	5	6	7	8	9	10	11
1. Top 1 Ownership concentration	1.00
2. Top 2 Ownership concentration	0.87	1.00
3. Top 3 Ownership concentration	0.80	0.97	1.00
4. Export Intensity	−0.01	0.01	0.00	1.00
5. Country diversification	−0.19	−0.14	−0.16	0.36	1.00
6. ROA	0.12	0.06	0.03	0.06	0.00	1.00
7. Solvency ratio	0.14	0.05	0.01	−0.04	0.10	0.19	1.00
8. Experience	−0.29	−0.25	−0.26	−0.08	0.31	−0.02	0.08	1.00
9. Size	−0.17	−0.23	−0.21	−0.07	−0.10	0.01	0.02	0.02	1.00
10. Sales	−0.03	−0.11	−0.12	−0.09	−0.05	0.17	−0.20	0.08	0.13	1.00
11. Institutional distance	−0.04	−0.09	−0.11	0.09	0.09	0.10	0.13	0.07	−0.05	0.00	1.00
Mean	0.58	0.73	0.80	20.25	0.47	10.71	55.61	39.55	59.26	202.52	7.41
Std. Dev.	0.30	0.27	0.24	27.32	0.32	13.46	16.23	29.40	46.23	222.39	5.13