4. RESULTS AND DISCUSSION
Table 2 presented means, standard deviations, and correlations of the variables included in our analysis.
The high correlation value between independent variables more than 0.6 may pose a multicollinearity
problem (Grewal et al., 2004).Therefore, we check variance inflation factors (VIFs) by testing the
multicollinearity. The VIFs for the explanatory variables were small in all models which were raged from
1.0 to 3.8 well below the cut-off value 10 as recommended by Hair et al. (2006) meaning that the
independent variables are not correlate with each other. Thus, there are no substantial multicollinearity
problems encountered in this study