Pearson correlation matrix
| Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) | (11) | (12) | (13) | (14) | (15) | (16) | (17) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (1) lnAudit fee | 1.00 | ||||||||||||||||
| (2) lnARL | −0.15*** | 1.00 | |||||||||||||||
| (3) AQ(Jones1991) | −0.09 | 0.02 | 1.00 | ||||||||||||||
| (4) AQ(Dechow2002) | −0.04 | −0.08 | 0.12 | 1.00 | |||||||||||||
| (5) AQ(Stubben2010) | −0.06 | 0.10 | 0.25*** | −0.02 | 1.00 | ||||||||||||
| (6) lnProx KM | 0.14*** | 0.04 | 0.06 | 0.05 | −0.02 | 1.00 | |||||||||||
| (7) lnProx Min | 0.13*** | 0.06 | 0.06 | 0.05 | 0.01 | −0.93*** | 1.00 | ||||||||||
| (8) CEO GEN | −0.09* | −0.04 | 0.01 | −0.01 | −0.03 | −0.03 | −0.01 | 1.00 | |||||||||
| (9) FD Ratio | −0.06 | 0.03 | 0.03 | −0.01 | 0.07 | −0.00 | 0.06 | 0.18*** | 1.00 | ||||||||
| (10) lnAC Size | 0.08* | −0.02 | −0.03 | 0.15** | −0.05 | 0.03 | 0.08* | −0.06 | −0.01 | 1.00 | |||||||
| (11) lnFirm Age | 0.05 | −0.03 | 0.12* | 0.00 | 0.05 | 0.13*** | 0.15*** | −0.07 | 0.10** | −0.01 | 1.00 | ||||||
| (12) Audit Ten | 0.17*** | 0.08* | 0.03 | −0.01 | −0.02 | 0.04 | −0.00 | −0.03 | −0.03 | 0.05 | 0.05 | 1.00 | |||||
| (13) lnFirm Size | 0.62*** | −0.07 | −0.10* | −0.02 | −0.11* | 0.11** | 0.09* | −0.11** | −0.19*** | 0.03 | 0.16*** | 0.18*** | 1.00 | ||||
| (14) ROA | 0.07 | −0.14*** | −0.08 | 0.05 | −0.17*** | 0.04 | 0.03 | 0.04 | 0.09* | −0.08* | −0.10** | −0.01 | −0.12*** | 1.00 | |||
| (15) YearEnd31 | −0.29*** | 0.03 | −0.08 | 0.06 | 0.05 | −0.24*** | −0.26*** | 0.11** | −0.03 | −0.20*** | −0.14*** | −0.08* | −0.35*** | 0.03 | 1.00 | ||
| (16) BIG4 | 0.33*** | −0.14*** | 0.00 | −0.22*** | −0.14** | 0.16*** | 0.14*** | 0.08* | −0.12** | 0.04 | 0.08* | 0.01 | 0.35*** | 0.01 | −0.10** | 1.00 | |
| (17) IDR | −0.15*** | 0.02 | −0.08 | 0.00 | −0.03 | −0.22*** | −0.22*** | 0.24*** | −0.02 | −0.15*** | −0.14*** | −0.06 | −0.15*** | −0.03 | 0.36*** | −0.09* | 1.00 |
| Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) | (11) | (12) | (13) | (14) | (15) | (16) | (17) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (1) lnAudit fee | 1.00 | ||||||||||||||||
| (2) lnARL | −0.15 | 1.00 | |||||||||||||||
| (3) AQ(Jones | −0.09 | 0.02 | 1.00 | ||||||||||||||
| (4) AQ(Dechow2002) | −0.04 | −0.08 | 0.12 | 1.00 | |||||||||||||
| (5) AQ(Stubben2010) | −0.06 | 0.10 | 0.25 | −0.02 | 1.00 | ||||||||||||
| (6) lnProx KM | 0.14 | 0.04 | 0.06 | 0.05 | −0.02 | 1.00 | |||||||||||
| (7) lnProx Min | 0.13 | 0.06 | 0.06 | 0.05 | 0.01 | −0.93 | 1.00 | ||||||||||
| (8) CEO GEN | −0.09 | −0.04 | 0.01 | −0.01 | −0.03 | −0.03 | −0.01 | 1.00 | |||||||||
| (9) FD Ratio | −0.06 | 0.03 | 0.03 | −0.01 | 0.07 | −0.00 | 0.06 | 0.18 | 1.00 | ||||||||
| (10) lnAC Size | 0.08 | −0.02 | −0.03 | 0.15 | −0.05 | 0.03 | 0.08 | −0.06 | −0.01 | 1.00 | |||||||
| (11) lnFirm Age | 0.05 | −0.03 | 0.12 | 0.00 | 0.05 | 0.13 | 0.15 | −0.07 | 0.10 | −0.01 | 1.00 | ||||||
| (12) Audit Ten | 0.17 | 0.08 | 0.03 | −0.01 | −0.02 | 0.04 | −0.00 | −0.03 | −0.03 | 0.05 | 0.05 | 1.00 | |||||
| (13) lnFirm Size | 0.62 | −0.07 | −0.10 | −0.02 | −0.11 | 0.11 | 0.09 | −0.11 | −0.19 | 0.03 | 0.16 | 0.18 | 1.00 | ||||
| (14) ROA | 0.07 | −0.14 | −0.08 | 0.05 | −0.17 | 0.04 | 0.03 | 0.04 | 0.09 | −0.08 | −0.10 | −0.01 | −0.12 | 1.00 | |||
| (15) YearEnd31 | −0.29 | 0.03 | −0.08 | 0.06 | 0.05 | −0.24 | −0.26 | 0.11 | −0.03 | −0.20 | −0.14 | −0.08 | −0.35 | 0.03 | 1.00 | ||
| (16) BIG4 | 0.33 | −0.14 | 0.00 | −0.22 | −0.14 | 0.16 | 0.14 | 0.08 | −0.12 | 0.04 | 0.08 | 0.01 | 0.35 | 0.01 | −0.10 | 1.00 | |
| (17) IDR | −0.15 | 0.02 | −0.08 | 0.00 | −0.03 | −0.22 | −0.22 | 0.24 | −0.02 | −0.15 | −0.14 | −0.06 | −0.15 | −0.03 | 0.36 | −0.09 | 1.00 |
***p < 0.01, **p < 0.05, *p < 0.1
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