Table 4 Spearman correlation matrix (N =...

Table 4

Spearman correlation matrix (N = 1480)

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)
(1) TRNSP1	1
(2) TRNSP2	0.992***	1
(3) TRNSP3	0.993***	0.995***	1
(4) TRNSP4	0.174***	0.163***	0.161***	1
(5) TRNSP5	0.150***	0.131***	0.131***	0.907***	1
(6) CORPCULTURE	0.194***	0.203***	0.174***	0.096***	0.071***	1
(7) ACSIZE	0.057**	0.064**	0.049*	0.011	−0.001	0.173***	1
(8) ACIND	0.029	0.032	0.023	0.066**	0.074***	0.100***	0.701***	1
(9) ACFEXPRT	0.043*	0.046*	0.043*	0.034	0.048*	0.058**	0.440***	0.293***	1
(10) INSTOWN	0.143***	0.150***	0.141***	0.033	0.015	0.249***	−0.048*	−0.117***	−0.026	1
(11) BDINDEP	0.019	0.013	0.021	0.024	0.015	−0.091***	−0.093***	−0.024	−0.002	−0.026	1
(12) BDSIZE	−0.025	−0.018	−0.015	−0.052**	−0.066***	0.010	−0.012	0.028	−0.016	−0.100***	0.120***	1
(13) AUDOPN	0.037	0.042*	0.042*	−0.022	−0.018	−0.085***	−0.087***	−0.050*	−0.043*	−0.162***	−0.027	−0.040	1
(14) AUDTEN	0.019	0.025	0.019	−0.044*	−0.052**	0.084***	−0.005	−0.069***	−0.029	0.105***	−0.148***	−0.074***	−0.015
(15) AQ	0.026	0.028	0.025	−0.020	−0.024	0.077***	0.019	−0.011	0.067***	0.037	0.039	0.028	−0.056**
(16) MB	0.046*	0.038	0.033	0.054**	0.064**	−0.003	0.316***	0.266***	0.122***	−0.009	0.020	−0.037	−0.177***
(17) ROA	0.065***	0.066***	0.061**	0.043*	0.038	0.103***	0.079***	−0.029	0.076***	0.135***	0.087***	0.012	−0.270***
(18) INVREC	−0.046*	−0.042*	−0.054**	−0.028	−0.012	−0.069***	0.010	0.044*	−0.030	−0.064**	−0.138***	−0.076***	−0.040
(19) DEBTRATIO	−0.029	−0.026	−0.034	0.039	0.029	0.103***	−0.145***	−0.097***	−0.101***	0.183***	−0.178***	−0.035	0.066***
(20) INVEST	0.037	0.036	0.040	0.045*	0.015	−0.014	−0.012	−0.072***	−0.012	−0.077***	0.138***	0.005	−0.067***
(21) STDSALE	−0.040	−0.044*	−0.043*	−0.053**	−0.045*	−0.034	0.106***	0.028	0.039	0.001	−0.093***	−0.043*	−0.173***
(22) STDOCF	0.038	0.042*	0.040	−0.039	−0.067***	−0.032	0.124***	0.054**	0.051**	0.019	−0.008	0.007	−0.083***
(23) AGE	−0.042*	−0.030	−0.038	0.056**	0.051**	−0.009	0.118***	0.101***	0.082***	−0.220***	−0.119***	−0.025	0.036
(24) FINANCING	0.118***	0.118***	0.117***	0.089***	0.071***	0.163***	0.012	0.009	0.000	−0.015	0.020	−0.079***	0.092***
(25) ZMJSCORE	−0.025	−0.024	−0.030	−0.026	−0.036	0.053**	−0.149***	−0.087***	−0.099***	0.098***	−0.198***	−0.035	0.187***

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)
(1) TRNSP1	1
(2) TRNSP2	0.992***	1
(3) TRNSP3	0.993***	0.995***	1
(4) TRNSP4	0.174***	0.163***	0.161***	1
(5) TRNSP5	0.150***	0.131***	0.131***	0.907***	1
(6) CORPCULTURE	0.194***	0.203***	0.174***	0.096***	0.071***	1
(7) ACSIZE	0.057**	0.064**	0.049*	0.011	−0.001	0.173***	1
(8) ACIND	0.029	0.032	0.023	0.066**	0.074***	0.100***	0.701***	1
(9) ACFEXPRT	0.043*	0.046*	0.043*	0.034	0.048*	0.058**	0.440***	0.293***	1
(10) INSTOWN	0.143***	0.150***	0.141***	0.033	0.015	0.249***	−0.048*	−0.117***	−0.026	1
(11) BDINDEP	0.019	0.013	0.021	0.024	0.015	−0.091***	−0.093***	−0.024	−0.002	−0.026	1
(12) BDSIZE	−0.025	−0.018	−0.015	−0.052**	−0.066***	0.010	−0.012	0.028	−0.016	−0.100***	0.120***	1
(13) AUDOPN	0.037	0.042*	0.042*	−0.022	−0.018	−0.085***	−0.087***	−0.050*	−0.043*	−0.162***	−0.027	−0.040	1
(14) AUDTEN	0.019	0.025	0.019	−0.044*	−0.052**	0.084***	−0.005	−0.069***	−0.029	0.105***	−0.148***	−0.074***	−0.015
(15) AQ	0.026	0.028	0.025	−0.020	−0.024	0.077***	0.019	−0.011	0.067***	0.037	0.039	0.028	−0.056**
(16) MB	0.046*	0.038	0.033	0.054**	0.064**	−0.003	0.316***	0.266***	0.122***	−0.009	0.020	−0.037	−0.177***
(17) ROA	0.065***	0.066***	0.061**	0.043*	0.038	0.103***	0.079***	−0.029	0.076***	0.135***	0.087***	0.012	−0.270***
(18) INVREC	−0.046*	−0.042*	−0.054**	−0.028	−0.012	−0.069***	0.010	0.044*	−0.030	−0.064**	−0.138***	−0.076***	−0.040
(19) DEBTRATIO	−0.029	−0.026	−0.034	0.039	0.029	0.103***	−0.145***	−0.097***	−0.101***	0.183***	−0.178***	−0.035	0.066***
(20) INVEST	0.037	0.036	0.040	0.045*	0.015	−0.014	−0.012	−0.072***	−0.012	−0.077***	0.138***	0.005	−0.067***
(21) STDSALE	−0.040	−0.044*	−0.043*	−0.053**	−0.045*	−0.034	0.106***	0.028	0.039	0.001	−0.093***	−0.043*	−0.173***
(22) STDOCF	0.038	0.042*	0.040	−0.039	−0.067***	−0.032	0.124***	0.054**	0.051**	0.019	−0.008	0.007	−0.083***
(23) AGE	−0.042*	−0.030	−0.038	0.056**	0.051**	−0.009	0.118***	0.101***	0.082***	−0.220***	−0.119***	−0.025	0.036
(24) FINANCING	0.118***	0.118***	0.117***	0.089***	0.071***	0.163***	0.012	0.009	0.000	−0.015	0.020	−0.079***	0.092***
(25) ZMJSCORE	−0.025	−0.024	−0.030	−0.026	−0.036	0.053**	−0.149***	−0.087***	−0.099***	0.098***	−0.198***	−0.035	0.187***

Variables	(14)	(15)	(16)	(17)	(18)	(19)	(20)	(21)	(22)	(23)	(24)	(25)
(14) AUDTEN	1
(15) AQ	−0.049**	1
(16) MB	−0.021	0.045*	1
(17) ROA	−0.008	0.046*	0.333***	1
(18) INVREC	0.042*	−0.001	0.051**	0.041	1
(19) DEBTRATIO	0.076***	−0.045*	0.114***	−0.289***	0.175***	1
(20) INVEST	−0.081***	0.069***	0.117***	0.340***	−0.311***	−0.404***	1
(21) STDSALE	−0.043*	−0.043*	0.354***	0.335***	0.053**	0.026	0.124***	1
(22) STDOCF	0.010	0.058**	0.197***	0.213***	−0.073***	−0.113***	0.228***	0.292***	1
(23) AGE	0.072***	−0.057**	0.115***	−0.017	0.097***	0.015	−0.045*	−0.008	0.023	1
(24) FINANCING	0.052**	0.030	−0.082***	0.056**	−0.198***	−0.183***	0.188***	−0.141***	0.008	0.032	1
(25) ZMJSCORE	0.077***	−0.071***	−0.166***	−0.590***	0.170***	0.784***	−0.529***	−0.079***	−0.143***	0.026	−0.203***	1

Variables	(14)	(15)	(16)	(17)	(18)	(19)	(20)	(21)	(22)	(23)	(24)	(25)
(14) AUDTEN	1
(15) AQ	−0.049**	1
(16) MB	−0.021	0.045*	1
(17) ROA	−0.008	0.046*	0.333***	1
(18) INVREC	0.042*	−0.001	0.051**	0.041	1
(19) DEBTRATIO	0.076***	−0.045*	0.114***	−0.289***	0.175***	1
(20) INVEST	−0.081***	0.069***	0.117***	0.340***	−0.311***	−0.404***	1
(21) STDSALE	−0.043*	−0.043*	0.354***	0.335***	0.053**	0.026	0.124***	1
(22) STDOCF	0.010	0.058**	0.197***	0.213***	−0.073***	−0.113***	0.228***	0.292***	1
(23) AGE	0.072***	−0.057**	0.115***	−0.017	0.097***	0.015	−0.045*	−0.008	0.023	1
(24) FINANCING	0.052**	0.030	−0.082***	0.056**	−0.198***	−0.183***	0.188***	−0.141***	0.008	0.032	1
(25) ZMJSCORE	0.077***	−0.071***	−0.166***	−0.590***	0.170***	0.784***	−0.529***	−0.079***	−0.143***	0.026	−0.203***	1

Note(s): The correlation coefficients are annotated to indicate the statistical significance of the correlations, with *** denoting significance at the 1% level, ** at the 5% level, and * at the 10% level. The definitions of variables are as specified in the Appendix 3

Source(s): Table created by author

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