Page 70 - SUSTAINABILITY ISSUES & COVID-19

Table 1 Statistic Descriptive (Continue)
Variabel Countries Descriptive Statistic
Mean Std Dev Max Min
All 1.729.526 3.065.373 90.150.000 4.722
Indonesia 1.889.348 3.176.624 23.979.896 4.722
SZE (thousand Malaysia 1.625.313 2.971.258 35.676.855 5.315
USD) Philippines 3.597.408 3.763.411 27.605.559 14.822
Singapore 2.537.992 3.490.187. 90.150.000 8.172
Thailand 1.102.519 2.524.865 72.801.804 5.562
All 0,5525 0,2152 0,9940 0,0050
Indonesia 0,4951 0,2113 0,9270 0,0180
Malaysia 0,5992 0,2055 0,9400 0,0130
STA
Philippines 0,4468 0,2033 0,9650 0,0110
Singapore 0,5360 0,2038 0,9850 0,0490
Thailand 0,5614 0,2190 0,9900 0,0050
All 0,0416 0,0133 0,0688 0,0098
Indonesia 0,0503 0,0011 0,0601 0,0488
Malaysia 0,0531 0,0060 0,0601 0,0445
GDP
Philippines 0,0640 0,0032 0,0688 0,0607
Singapore 0,0335 0,0044 0,0390 0,0289
Thailand 0,0293 0,0118 0,0413 0,0098
All 0,0166 0,0180 0,0639 -0,0090
Indonesia 0,0480 0,0141 0,0639 0,0314
Malaysia 0,0259 0,0087 0,0387 0,0089
IFL
Philippines 0,0262 0,0161 0,0521 0,0067
Singapore 0,0020 0,0068 0,0102 -0,0053
Thailand 0,0057 0,0101 0,0190 -0,0090
Description :
TLTDER = Capital structure of company i in year t, GRW = Growth of company assets i in period t, STA = structure of company assets i in period t, SZE = Size or total assets of the
company i in period t. ROA = Profitability of company i in period t, VI = Degree of vertical integration of company i in period t, DVR = Degree of diversification of company i in
period t, ITL = Degree of internationalization of company i in period t, OVC = CEO Overconfidence of company i in period t, GDP = economic growth in the company state i in
period t, IFL = the inflation rate in the company state i in period t.
The Philippines is the country with the highest average leverage level, followed by Indonesia, Malaysia, Thailand, and
finally Singapore. Based on the average value, it can be seen that the Philippines is the country that quite active in
implementing the vertical integration strategy, while Singapore is the country that is quite active in implementing the
strategy of diversification and internationalization.

Table 2 Pearson Correlatio
TLTDER VI DVR ITL OVC OVC*VI OVC*DVR OVC*ITL GRW SZE ROA STA
TLTDER 1,0000
VI -0,0098 1,0000
DVR 0,1447*** -0,0651 1,0000
ITL 0,1032** -0,0440 0,0758 1,0000
OVC 0,1629*** 0,0865* -0,1057** -0,0840 1,0000
OVC*VI 0,1479*** 0,2702*** -0,1173** -0,0489 0,6851*** 1,0000
OVC*DVR 0,2343*** 0,0269 0,1585*** 0,0194 0,4276*** 0,3774*** 1,0000
OVC*ITL 0,0400 -0,0121 -0,0128 0,2963*** 0,1563*** 0,2077*** 0,2568*** 1,0000
GRW 0,0820* 0,0594 0,0336 -0,0336 0,1237*** 0,0794* 0,1108** 0,0297 1,0000
SZE 0,0002 0,0502 -0,0556 -0,0526 0,0745 0,0678 0,0211 0,0719 0,0629 1,0000
ROA -0,2699*** 0,4255*** 0,0662 0,0486 -0,1489*** -0,0081 -0,831* 0,0219 0,2187*** 0,0750 1,0000
STA -0,6157*** 0,2578*** -0,0835 -0,0614 -0,0798 -0,0391 -0,1156** -0,0425** -0,0904 -0,0476 0,2302*** 1,0000
Description : TLTDER = Capital structure of company i in year t, GRW = Growth of company assets i in period t, STA = structure of company assets i in period t, SZE = Size or total
assets of the company i in period t. ROA = Profitability of company i in period t, VI = Degree of vertical integration of company i in period t, DVR = Degree of diversification
of company i in period t, ITL = Degree of internationalization of company i in period t, OVC = CEO Overconfidence of company i in period t, GDP = economic growth in the
company state i in period t, IFL = the inflation rate in the company state i in period t.
*** significant at α=1%
**significant at α=5%
* significant at α=10%

International Conference on Sustainability 69
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