Table 4 Pairwise correlations Variables...

Table 4

Pairwise correlations

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
(1) LNAF	1.000
(2) BODMEET	0.230***	1.000
(3) BODSIZE	0.153***	0.004	1.000
(4) IDR	−0.025***	0.023***	−0.724***	1.000
(5) INVESTPROP	0.318***	0.037***	0.203***	−0.088***	1.000
(6) LEV	0.395***	0.293***	0.113***	−0.022***	0.186***	1.000
(7) ROE	0.057***	−0.027***	−0.006	0.000	0.123***	−0.100***	1.000
(8) INVR	−0.074***	0.036***	−0.033***	0.027***	−0.057***	0.101***	−0.171***	1.000
(9) FIRMAGE	0.111***	0.065***	0.107***	−0.056***	0.110***	0.174***	−0.080***	0.048***	1.000
(10) BIG4	0.335***	0.035***	0.063***	0.014*	0.231***	0.102***	0.068***	−0.053***	0.023***	1.000

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
(1) LNAF	1.000
(2) BODMEET	0.230***	1.000
(3) BODSIZE	0.153***	0.004	1.000
(4) IDR	−0.025***	0.023***	−0.724***	1.000
(5) INVESTPROP	0.318***	0.037***	0.203***	−0.088***	1.000
(6) LEV	0.395***	0.293***	0.113***	−0.022***	0.186***	1.000
(7) ROE	0.057***	−0.027***	−0.006	0.000	0.123***	−0.100***	1.000
(8) INVR	−0.074***	0.036***	−0.033***	0.027***	−0.057***	0.101***	−0.171***	1.000
(9) FIRMAGE	0.111***	0.065***	0.107***	−0.056***	0.110***	0.174***	−0.080***	0.048***	1.000
(10) BIG4	0.335***	0.035***	0.063***	0.014*	0.231***	0.102***	0.068***	−0.053***	0.023***	1.000

Note(s): LNAF = audit fees, BODMEET = board meetings, BODSIZE = directors on the board, IDR = independent directors on the board, INVESTPROP = institutional investor shareholder ratio, LEV = total liability/total assets, ROE = return on equity, INVR = inventory/total revenue, FIRMAGE = firm living years, and BIG4 = Big 4 audit firm; *p < 0.1, ***p < 0.01

Source(s): Authors’ own creation

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