Table 3 Correlation matrix Variables 1 2...

Table 3

Correlation matrix

Variables	1	2	3	4	5	6	7	8	9	10
SUS	1.000
DA	−0.364***	1.000
Period	0.428***	−0.273***	1.000
SIZE	0.354***	−0.394***	0.299***	1.000
DEBIT	0.311***	−0.066	0.057	0.614***	1.000
OPN	−0.025	−0.063	−0.030	0.260***	0.143*	1.000
TEN	−0.201**	0.086	−0.460***	0.018	−0.015	0.002	1.000
BIG-4	0.094	−0.188**	0.110	0.053	0.031	0.111	−0.018	1.000
BLOCK_OWN	−0.199**	−0.126*	0.095	−0.121	−0.451***	0.042	0.102	−0.022	1.000
FOR_OWN	−0.130*	−0.165**	0.109	−0.053	−0.068	0.088	0.132*	0.030	0.549***	1.000

Note(s): This table presents Spearman correlation matrix results amongst the dependent and independent variables. All continuous variables are winsorized at the 1 and 99% levels each year to reduce the influence of potential outliers. **, * Correlation is significant at the 0.01 and 0.05 level (2-tailed), respectively

Source(s): Created by author

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