Table 3 Pairwise correlation Variables 1...

Table 3

Pairwise correlation

Variables	1	2	3	4	5	6	7	8	9	10	11
(1) DisKM	1
(2) DisMN	0.92***	1
(3) Aud_Fee	−0.14***	−0.13***	1
(4) Chair_Narc	−0.19***	−0.23***	0.25***	1
(5) CEO_Narc	−0.12**	−0.20***	0.28***	0.60***	1
(6) Chair_Narc_Sig	−0.19***	−0.21***	0.20***	0.77***	0.35***	1
(7) CEO_Narc_Sig	−0.14***	−0.18***	0.31***	0.42***	0.78***	0.49***	1
(8) Chair_Narc_Pic	−0.12**	−0.14***	0.34***	0.62***	0.56***	0.26***	0.32***	1
(9) CEO_Narc_Pic	−0.06	−0.11**	0.26***	0.50***	0.62***	0.22***	0.29***	0.87***	1
(10) Chair_Gen	0.09*	0.11**	−0.10**	−0.17***	−0.05	−0.19***	−0.10**	−0.07	0.01	1
(11) CEO_Gen	0.05	0.03	−0.09*	0.03	0	0.08*	−0.03	−0.08*	−0.08*	−0.04	1
(12) FDR	0	−0.05	−0.08	0.06	0.11**	0.09*	0.09*	0.02	0.03	0.22***	0.22***
(13) IDR	0.27***	0.27***	−0.16***	−0.18***	−0.18***	−0.16***	−0.20***	−0.14***	−0.10**	0.18***	0.25***
(14) AC_Size	−0.04	−0.10**	0.10**	0.06	0.12**	0.03	0.14***	0.10**	0.09*	−0.15***	−0.07
(15) Big4	−0.15***	−0.14***	0.38***	0.10**	0.05	0.01	0.07	0.19***	0.09*	−0.11**	0.01
(16) Aud_Ten	0	0.06	0.17***	0.04	0.08*	0.09*	0.11**	0.07	0.11**	0.02	0
(17) Aud_Lag	−0.03	−0.03	−0.18***	−0.11**	−0.18***	0.01	−0.12**	−0.19***	−0.19***	0.05	−0.06
(18) Firm_Size	−0.13***	−0.11**	0.60***	0.21***	0.18***	0.16***	0.22***	0.33***	0.25***	−0.17***	−0.12**
(19) Firm_Age	−0.11**	−0.13***	0.03	0.02	0.02	0.09*	0.13***	−0.06	−0.10*	−0.05	−0.02
(20) Lev	−0.11**	−0.10**	0.24***	0.05	0	0.05	0.06	0.15***	0.09*	−0.17***	−0.08*
(21) ROA	−0.04	−0.03	0.08	−0.03	−0.02	−0.04	0.05	−0.07	−0.11**	−0.01	0
(22) YearEnd	0.25***	0.27***	−0.28***	−0.21***	−0.24***	−0.19***	−0.28***	−0.23***	−0.19***	0.22***	0.09*

Variables	1	2	3	4	5	6	7	8	9	10	11
(1) DisKM	1
(2) DisMN	0.92***	1
(3) Aud_Fee	−0.14***	−0.13***	1
(4) Chair_Narc	−0.19***	−0.23***	0.25***	1
(5) CEO_Narc	−0.12**	−0.20***	0.28***	0.60***	1
(6) Chair_Narc_Sig	−0.19***	−0.21***	0.20***	0.77***	0.35***	1
(7) CEO_Narc_Sig	−0.14***	−0.18***	0.31***	0.42***	0.78***	0.49***	1
(8) Chair_Narc_Pic	−0.12**	−0.14***	0.34***	0.62***	0.56***	0.26***	0.32***	1
(9) CEO_Narc_Pic	−0.06	−0.11**	0.26***	0.50***	0.62***	0.22***	0.29***	0.87***	1
(10) Chair_Gen	0.09*	0.11**	−0.10**	−0.17***	−0.05	−0.19***	−0.10**	−0.07	0.01	1
(11) CEO_Gen	0.05	0.03	−0.09*	0.03	0	0.08*	−0.03	−0.08*	−0.08*	−0.04	1
(12) FDR	0	−0.05	−0.08	0.06	0.11**	0.09*	0.09*	0.02	0.03	0.22***	0.22***
(13) IDR	0.27***	0.27***	−0.16***	−0.18***	−0.18***	−0.16***	−0.20***	−0.14***	−0.10**	0.18***	0.25***
(14) AC_Size	−0.04	−0.10**	0.10**	0.06	0.12**	0.03	0.14***	0.10**	0.09*	−0.15***	−0.07
(15) Big4	−0.15***	−0.14***	0.38***	0.10**	0.05	0.01	0.07	0.19***	0.09*	−0.11**	0.01
(16) Aud_Ten	0	0.06	0.17***	0.04	0.08*	0.09*	0.11**	0.07	0.11**	0.02	0
(17) Aud_Lag	−0.03	−0.03	−0.18***	−0.11**	−0.18***	0.01	−0.12**	−0.19***	−0.19***	0.05	−0.06
(18) Firm_Size	−0.13***	−0.11**	0.60***	0.21***	0.18***	0.16***	0.22***	0.33***	0.25***	−0.17***	−0.12**
(19) Firm_Age	−0.11**	−0.13***	0.03	0.02	0.02	0.09*	0.13***	−0.06	−0.10*	−0.05	−0.02
(20) Lev	−0.11**	−0.10**	0.24***	0.05	0	0.05	0.06	0.15***	0.09*	−0.17***	−0.08*
(21) ROA	−0.04	−0.03	0.08	−0.03	−0.02	−0.04	0.05	−0.07	−0.11**	−0.01	0
(22) YearEnd	0.25***	0.27***	−0.28***	−0.21***	−0.24***	−0.19***	−0.28***	−0.23***	−0.19***	0.22***	0.09*

Variables	12	13	14	15	16	17	18	19	20	21	22
(1) DisKM
(2) DisMN
(3) Aud_Fee
(4) Chair_Narc
(5) CEO_Narc
(6) Chair_Narc_Sig
(7) CEO_Narc_Sig
(8) Chair_Narc_Pic
(9) CEO_Narc_Pic
(10) Chair_Gen
(11) CEO_Gen
(12) FDR	1
(13) IDR	−0.03	1
(14) AC_Size	0.01	−0.16***	1
(15) Big4	−0.02	−0.12**	0.13***	1
(16) Aud_Ten	−0.01	−0.02	0.04	0	1
(17) Aud_Lag	−0.03	0.04	−0.04	−0.26***	0.02	1
(18) Firm_Size	−0.22***	−0.16***	0.04	0.33***	0.18***	0.02	1
(19) Firm_Age	0.11**	−0.14***	0.01	0.06	0.05	0.18***	−0.10**	1
(20) Lev	−0.17***	−0.07	−0.03	0.22***	0.03	0.05	−0.05	0.15***	1
(21) ROA	0.06	−0.04	−0.05	0.08*	−0.01	0.03	−0.03	0.53***	0.18***	1
(22) YearEnd	−0.02	0.38***	−0.19***	−0.16***	−0.07	−0.01	−0.14***	−0.11**	−0.10**	−0.30***	1

Variables	12	13	14	15	16	17	18	19	20	21	22
(1) DisKM
(2) DisMN
(3) Aud_Fee
(4) Chair_Narc
(5) CEO_Narc
(6) Chair_Narc_Sig
(7) CEO_Narc_Sig
(8) Chair_Narc_Pic
(9) CEO_Narc_Pic
(10) Chair_Gen
(11) CEO_Gen
(12) FDR	1
(13) IDR	−0.03	1
(14) AC_Size	0.01	−0.16***	1
(15) Big4	−0.02	−0.12**	0.13***	1
(16) Aud_Ten	−0.01	−0.02	0.04	0	1
(17) Aud_Lag	−0.03	0.04	−0.04	−0.26***	0.02	1
(18) Firm_Size	−0.22***	−0.16***	0.04	0.33***	0.18***	0.02	1
(19) Firm_Age	0.11**	−0.14***	0.01	0.06	0.05	0.18***	−0.10**	1
(20) Lev	−0.17***	−0.07	−0.03	0.22***	0.03	0.05	−0.05	0.15***	1
(21) ROA	0.06	−0.04	−0.05	0.08*	−0.01	0.03	−0.03	0.53***	0.18***	1
(22) YearEnd	−0.02	0.38***	−0.19***	−0.16***	−0.07	−0.01	−0.14***	−0.11**	−0.10**	−0.30***	1

Note(s): Table 3 reports the Pearson correlation coefficients among the variables used in this study. ***, **, and * indicate significance at the 1%, 5%, and 10% levels, respectively. Variable definitions are provided in Appendix

Source(s): Authors' construction

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