The Complex Impact of Relational Embeddedness on Enterprise Value: The Moderating Effect of Environmental Dynamics

Table 3

Correlation analysis of each variable.

Variable	1	2	3	4	5	6	7	8	9	10	11	12
EV	1
RE	0.122	1
MED	−0.061	−0.142	1
TED	0.068	0.111	−0.055	1
Size	0.022	−0.092	0.019	−0.045	1
LEV	−0.092	−0.164	0.154	−0.287	0.011	1
FL	0.031	0.065	−0.002	0.017	0.023	−0.049	1
OC	0.053	0.032	−0.011	−0.019	−0.020	−0.004	−0.004	1
EBD	0.027	−0.010	−0.055	−0.081	0.017	0.013	−0.036	0.590	1
CD	0.015	0.007	−0.009	−0.026	−0.006	0.053	≤0.001	0.049	0.008	1
PROA	0.014	0.041	−0.041	−0.131	0.037	−0.282	−0.042	−0.013	0.059	−0.014	1
ETR	0.028	0.007	−0.014	−0.078	−0.007	0.031	−0.006	−0.046	0.006	0.006	0.071	1

Note: , , , N = 612.