Journal of Chinese Management

Table 2 Correlation matrix of IPO valuation with its independent variables and control variables

From: Impact of insiders and outsiders of entrepreneurial firms on valuation in initial public offering

		1	2	3	4	5	6	7	8	9	10	11
1	IPO valuation	1
2	Firm age	−0.225**	1
3	TMT size	−0.037	0.007	1
4	Founder control	0.064	0.017	0.015	1
5	Board chairman control	0.078	0.161*	0.234**	0.265**	1
6	P/E ratio at issuing	0.572**	−0.149	0.081	0.063	0.127
7	IPO size	0.237**	0.043	0.088	−0.053	−0.024	0.229**	1
8	Board independence	−0.03	0.08	−0.08	0.129	−0.111	−0.093	−0.033	1
9	TMT ownership	0.201*	0.037	0.11	0.341**	0.590**	0.082	−0.031	0.066	1
10	VC backing	−0.304**	−0.033	0.103	0.056	0.218**	−0.057	−0.092	−0.125	0.106	1
11	Underwriter reputation	0.071	−0.121	0.178*	−0.016	0.014	0.193*	0.184*	0.057	−0.056	0.203*	1

**Correlation is significant at the 0.01 level (two-tailed). *Correlation is significant at the 0.05 level (two-tailed).

Back to article page