Table 3. Pairwise correlations Variables... | Emerald Publishing

Table 3.

Pairwise correlations

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)	(15)	(16)
(1) ETR	1.000
(2) FPBOD	−0.034	1.000
(3) FPAC	−0.025	0.519***	1.000
(4) BS	−0.284***	−0.236***	−0.245***	1.000
(5) INDP	0.059	0.271***	0.228***	−0.442***	1.000
(6) DO	−0.048	−0.148***	0.024	0.107**	0.256***	1.000
(7) IO	−0.092*	0.239***	0.057	0.024	−0.137**	−0.278***	1.000
(8) FO	0.015	0.116**	0.166***	−0.034	0.247***	0.142***	−0.244***	1.000
(9) SAC	0.108**	−0.197***	−0.062	0.403***	−0.227***	0.073	−0.002	−0.006	1.000
(10) ROE	0.151***	0.093*	0.081	0.069	0.027	0.256***	−0.113**	0.242***	−0.079	1.000
(11) LEV	−0.378***	−0.029	−0.021	0.302***	−0.165***	−0.142***	0.037	−0.058	−0.231***	0.105*	1.000
(12) LBM	−0.261***	−0.028	0.029	0.186***	−0.112**	−0.356***	0.170***	−0.156***	−0.100*	0.020	0.521***	1.000
(13) FAGE	−0.191***	0.090*	0.082	−0.079	−0.018	−0.187***	0.093*	0.015	−0.087*	−0.166***	0.123**	0.093*	1.000
(14) FSIZE	−0.317***	0.124**	0.156***	0.291***	0.054	0.044	−0.026	0.319***	−0.160***	0.301***	0.572***	0.389***	0.308***	1.000
(15) CSR	−0.403***	−0.153***	−0.129**	0.278***	−0.006	0.017	0.033	−0.029	−0.128**	−0.252***	0.517***	0.250***	0.045	0.370***	1.000
(16) BIG4	0.022	0.176***	0.156***	−0.019	0.158***	0.242***	−0.114**	0.200***	0.014	0.121**	−0.088*	−0.124**	0.171***	0.193***	−0.083	1.000

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)	(15)	(16)
(1) ETR	1.000
(2) FPBOD	−0.034	1.000
(3) FPAC	−0.025	0.519***	1.000
(4) BS	−0.284***	−0.236***	−0.245***	1.000
(5) INDP	0.059	0.271***	0.228***	−0.442***	1.000
(6) DO	−0.048	−0.148***	0.024	0.107**	0.256***	1.000
(7) IO	−0.092*	0.239***	0.057	0.024	−0.137**	−0.278***	1.000
(8) FO	0.015	0.116**	0.166***	−0.034	0.247***	0.142***	−0.244***	1.000
(9) SAC	0.108**	−0.197***	−0.062	0.403***	−0.227***	0.073	−0.002	−0.006	1.000
(10) ROE	0.151***	0.093*	0.081	0.069	0.027	0.256***	−0.113**	0.242***	−0.079	1.000
(11) LEV	−0.378***	−0.029	−0.021	0.302***	−0.165***	−0.142***	0.037	−0.058	−0.231***	0.105*	1.000
(12) LBM	−0.261***	−0.028	0.029	0.186***	−0.112**	−0.356***	0.170***	−0.156***	−0.100*	0.020	0.521***	1.000
(13) FAGE	−0.191***	0.090*	0.082	−0.079	−0.018	−0.187***	0.093*	0.015	−0.087*	−0.166***	0.123**	0.093*	1.000
(14) FSIZE	−0.317***	0.124**	0.156***	0.291***	0.054	0.044	−0.026	0.319***	−0.160***	0.301***	0.572***	0.389***	0.308***	1.000
(15) CSR	−0.403***	−0.153***	−0.129**	0.278***	−0.006	0.017	0.033	−0.029	−0.128**	−0.252***	0.517***	0.250***	0.045	0.370***	1.000
(16) BIG4	0.022	0.176***	0.156***	−0.019	0.158***	0.242***	−0.114**	0.200***	0.014	0.121**	−0.088*	−0.124**	0.171***	0.193***	−0.083	1.000

Note(s): ***p < 0.01, **p < 0.05, *p < 0.1 Superscripts ***, ** and * denote significance at the 1, 5 and 10% levels, respectively. The definitions of variables are given in Appendix

Source(s): Created by authors