Table 4 Correlation table Discret bonus... | Emerald Publishing

Table 4

Correlation table

	Discret bonus	Formula bonus	Big4	Earning predict CF	Abnorm accrual	ROA volatility	Return volatility	CEO tenure	CEO duality	R&D to sales	B/M ratio	Loss	Size	Leverage	ROA
Discret Bonus		−0.350	−0.060	−0.011	0.042	0.048	0.098	0.088	0.007	−0.021	0.022	−0.008	−0.055	−0.051	0.040
Formula Bonus	−0.350		0.151	0.001	−0.032	−0.038	−0.167	−0.095	0.014	−0.024	−0.107	−0.212	0.241	0.115	0.156
Big4	−0.060	0.151		−0.014	−0.008	−0.071	−0.212	−0.091	0.043	−0.083	−0.050	−0.085	0.328	0.203	0.019
Earn Predict CF	−0.016	0.012	−0.017		0.019	0.026	0.019	0.004	−0.022	−0.010	0.040	0.003	−0.035	−0.046	0.006
Abnorm Accrual	0.046	−0.019	−0.014	0.017		−0.008	0.011	0.001	0.002	−0.057	0.043	−0.019	−0.031	0.026	−0.003
ROA Volatility	0.022	−0.009	−0.054	0.024	−0.008		0.271	0.056	−0.034	0.284	−0.039	0.105	−0.113	−0.180	0.076
Return Volatility	0.100	−0.158	−0.195	0.033	0.011	0.183		0.044	−0.142	0.117	0.170	0.302	−0.602	−0.207	−0.212
CEO Tenure	0.115	−0.136	−0.117	0.024	−0.001	0.033	0.031		0.318	−0.003	−0.024	−0.063	−0.068	−0.061	0.064
CEO Duality	0.007	0.014	0.043	−0.016	−0.015	−0.020	−0.109	0.290		−0.073	−0.022	−0.090	0.148	0.044	0.059
R&D to Sales	0.049	−0.042	−0.067	0.004	0.016	0.037	0.098	0.011	0.009		−0.172	0.103	−0.041	−0.290	0.035
B/M Ratio	0.024	−0.041	−0.037	0.007	−0.012	−0.014	0.013	0.008	−0.013	−0.005		0.192	−0.371	−0.099	−0.448
Loss	−0.008	−0.212	−0.085	0.007	−0.026	0.087	0.278	−0.029	−0.090	0.054	0.072		−0.328	0.042	−0.653
Size	−0.047	0.233	0.327	−0.045	−0.027	−0.069	−0.521	−0.094	0.154	−0.042	−0.122	−0.345		0.256	0.328
Leverage	−0.034	0.072	0.157	−0.054	0.038	−0.089	−0.052	−0.065	0.004	−0.016	−0.094	0.078	0.148		−0.220
ROA	0.027	0.171	0.058	−0.010	−0.004	−0.014	−0.213	0.029	0.053	−0.143	−0.059	−0.644	0.340	−0.135

	Discret bonus	Formula bonus	Big4	Earning predict CF	Abnorm accrual	ROA volatility	Return volatility	CEO tenure	CEO duality	R&D to sales	B/M ratio	Loss	Size	Leverage	ROA
Discret Bonus		−0.350	−0.060	−0.011	0.042	0.048	0.098	0.088	0.007	−0.021	0.022	−0.008	−0.055	−0.051	0.040
Formula Bonus	−0.350		0.151	0.001	−0.032	−0.038	−0.167	−0.095	0.014	−0.024	−0.107	−0.212	0.241	0.115	0.156
Big4	−0.060	0.151		−0.014	−0.008	−0.071	−0.212	−0.091	0.043	−0.083	−0.050	−0.085	0.328	0.203	0.019
Earn Predict CF	−0.016	0.012	−0.017		0.019	0.026	0.019	0.004	−0.022	−0.010	0.040	0.003	−0.035	−0.046	0.006
Abnorm Accrual	0.046	−0.019	−0.014	0.017		−0.008	0.011	0.001	0.002	−0.057	0.043	−0.019	−0.031	0.026	−0.003
ROA Volatility	0.022	−0.009	−0.054	0.024	−0.008		0.271	0.056	−0.034	0.284	−0.039	0.105	−0.113	−0.180	0.076
Return Volatility	0.100	−0.158	−0.195	0.033	0.011	0.183		0.044	−0.142	0.117	0.170	0.302	−0.602	−0.207	−0.212
CEO Tenure	0.115	−0.136	−0.117	0.024	−0.001	0.033	0.031		0.318	−0.003	−0.024	−0.063	−0.068	−0.061	0.064
CEO Duality	0.007	0.014	0.043	−0.016	−0.015	−0.020	−0.109	0.290		−0.073	−0.022	−0.090	0.148	0.044	0.059
R&D to Sales	0.049	−0.042	−0.067	0.004	0.016	0.037	0.098	0.011	0.009		−0.172	0.103	−0.041	−0.290	0.035
B/M Ratio	0.024	−0.041	−0.037	0.007	−0.012	−0.014	0.013	0.008	−0.013	−0.005		0.192	−0.371	−0.099	−0.448
Loss	−0.008	−0.212	−0.085	0.007	−0.026	0.087	0.278	−0.029	−0.090	0.054	0.072		−0.328	0.042	−0.653
Size	−0.047	0.233	0.327	−0.045	−0.027	−0.069	−0.521	−0.094	0.154	−0.042	−0.122	−0.345		0.256	0.328
Leverage	−0.034	0.072	0.157	−0.054	0.038	−0.089	−0.052	−0.065	0.004	−0.016	−0.094	0.078	0.148		−0.220
ROA	0.027	0.171	0.058	−0.010	−0.004	−0.014	−0.213	0.029	0.053	−0.143	−0.059	−0.644	0.340	−0.135

Note(s): The numbers below (above) the diagonal are Pearson (Spearman) correlations. Italic figures are statistically significant at the 0.05 (two-tailed) level