[Retracted] Relationship between Capital Allocation Efficiency and Diversification Strategy from the Perspective of Internal Control

Table 3

Pearson's correlation coefficient analysis of main variables.

Variable	HDI	Invest	ICI	Deficiency	Tobin's Qt-1	CR1	Mstock
HDI	1
Invest	−0.071^∗∗∗	1
ICI	−0.034^∗∗∗	0.080^∗∗∗	1
Deficiency	0.113^∗∗∗	−0.078^∗∗∗	−0.047^∗∗∗	1
Tobin’s Qt −1	−0.018^∗	0.072^∗∗∗	−0.054^∗∗∗	−0.066^∗∗∗	1
CR1	−0.031^∗∗∗	0	0.133^∗∗∗	0.00500	−0.135^∗∗∗	1
Mstock	−0.091^∗∗∗	0.129^∗∗∗	0.027^∗∗	−0.157^∗∗∗	0.210^∗∗∗	−0.053^∗∗∗	1
FCFFt −1	−0.0110	−0.055^∗∗∗	0.00200	0.0120	−0.063^∗∗∗	0.0170	−0.00800
Size	0.085^∗∗∗	−0.024^∗∗	0.236^∗∗∗	0.107^∗∗∗	−0.595^∗∗∗	0.276^∗∗∗	−0.181^∗∗∗
Lev	0.074^∗∗∗	−0.093^∗∗∗	−0.025^∗∗	0.132^∗∗∗	−0.369^∗∗∗	0.028^∗∗∗	−0.196^∗∗∗
ROA	−0.039^∗∗∗	0.102^∗∗∗	0.125^∗∗∗	−0.062^∗∗∗	0.214^∗∗∗	0.037^∗∗∗	0.074^∗∗∗
Tenure	−0.00300	0.052^∗∗∗	0.048^∗∗∗	−0.026^∗∗	−0.058^∗∗∗	−0.025^∗∗	0.028^∗∗∗
Firmrisk	0.00100	0.021^∗∗	−0.086^∗∗∗	0.0150	0.155^∗∗∗	−0.032^∗∗∗	−0.00300
CEOsuc	0.028^∗∗∗	−0.038^∗∗∗	−0.048^∗∗∗	0.046^∗∗∗	0.00300	0.0130	−0.056^∗∗∗
List	0.225^∗∗∗	−0.240^∗∗∗	−0.070^∗∗∗	0.241^∗∗∗	−0.191^∗∗∗	−0.076^∗∗∗	−0.410^∗∗∗
State	0.095^∗∗∗	−0.098^∗∗∗	0.037^∗∗∗	0.164^∗∗∗	−0.321^∗∗∗	0.175^∗∗∗	−0.345^∗∗∗
Growth	0.018^∗	0	0.00600	0.0140	0.048^∗∗∗	0.00900	−0.00400
	FCFFt −1	Size	Lev	ROA	Tenure	Firmrisk
FCFFt − 1	1
Size	0.0160	1
Lev	0.023^∗∗	0.305^∗∗∗	1
ROA	−0.741^∗∗∗	−0.00200	−0.290^∗∗∗	1
Tenure	0.0120	0.00900	−0.0100	0.0110
Lntenure	0.0100	0.00300	−0.050^∗∗∗	0.030^∗∗∗	1
Firmrisk	−0.500^∗∗∗	−0.117^∗∗∗	0.366^∗∗∗	0.313^∗∗∗	−0.042^∗∗∗	1
CEOsuc	−0.022^∗∗	0.023^∗∗	0.065^∗∗∗	−0.035^∗∗∗	−0.207^∗∗∗	0.052^∗∗∗
List	0.00300	0.198^∗∗∗	0.286^∗∗∗	−0.098^∗∗∗	−0.023^∗∗	0.034^∗∗∗
State	0.022^∗∗	0.310^∗∗∗	0.201^∗∗∗	−0.084^∗∗∗	0.046^∗∗∗	−0.040^∗∗∗
Growth	−0.00400	−0.00800	0.214^∗∗∗	−0.097^∗∗∗	−0.0110	0.062^∗∗∗
	CEOsuc	List	State	Growth
CEOsuc	1
List	0.081^∗∗∗	1
State	0.043^∗∗∗	0.412^∗∗∗	1
Growth	0.024^∗∗	0.00800	0.0110	1

Note.^∗∗ and ^∗∗∗are significant at the 1% and 5% levels, respectively.