Before testing the hypotheses, multicollinearity diagnosis was done using Variance Inflation
Factor (VIF) and tolerance value. The tolerance of an independent variable, which is an
additional method to measure the effects of multicollinearity, ranges from zero to one. A VIF
value of 5 or 10 and above and a tolerance of less than 0.20 indicate that variables are
multicollinear (Chadha and Kapoor, 2009).