Table 3. Correlation No. Variables (1)...

Table 3.

Correlation

No.	Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)	(21)	(22)	(23)	(24)	(25)	(26)	(27)
(1)	LAF	1.000
(2)	LNPEN	0.368***	1.000
(3)	LNNUM	0.374***	0.900***	1.000
(4)	LIQ	−0.351***	−0.230***	−0.232***	1.000
(5)	CA_TA	−0.219***	−0.242***	−0.268***	0.469***	1.000
(6)	INVREC	−0.085***	−0.026***	−0.040***	0.056***	0.613***	1.000
(7)	ROA	−0.048***	−0.005	−0.019*	0.049***	0.153***	0.099***	1.000
(8)	LOSS	−0.122***	−0.051***	−0.051***	0.098***	0.026***	−0.087***	−0.503***	1.000
(9)	INTANG	0.241***	−0.005	−0.028***	−0.240***	−0.478***	−0.279***	−0.042***	−0.135***	1.000
(10)	GC	−0.009	−0.014	−0.013	−0.008	0.017*	0.011	−0.037***	0.056***	−0.012	1.000
(11)	MW	0.022**	−0.016	−0.021**	−0.004	0.006	0.017*	−0.085***	0.039***	0.013	0.030***	1.000
(12)	RESTATE	−0.011	−0.018*	−0.018*	0.007	0.023**	0.011	−0.036***	0.026***	−0.027***	−0.002	0.122***	1.000
(13)	LEV	0.311***	0.163***	0.173***	−0.354***	−0.455***	−0.200***	−0.081***	−0.018*	0.236***	0.017*	0.011	−0.007	1.000
(14)	Z	−0.313***	−0.169***	−0.175***	0.523***	0.397***	0.104***	0.482***	−0.110***	−0.208***	−0.019*	−0.047***	−0.014	−0.495***	1.000
(15)	SIZE	0.729***	0.365***	0.378***	−0.255***	−0.244***	−0.255***	0.285***	−0.209***	0.173***	−0.041***	−0.082***	−0.051***	0.197***	0.029***	1.000
(16)	MERGER	0.163***	0.014	0.000	−0.099***	−0.107***	−0.002	0.039***	−0.125***	0.340***	0.007	−0.014	−0.013	0.040***	−0.069***	0.104***	1.000
(17)	FRGN	0.343***	0.007	−0.012	0.032***	0.104***	0.084***	0.124***	−0.205***	0.124***	−0.019*	−0.017*	−0.014	−0.017*	0.024**	0.256***	0.141***	1.000
(18)	LNSEG	0.360***	0.203***	0.211***	−0.164***	−0.140***	0.049***	−0.026***	−0.089***	0.144***	−0.012	−0.003	−0.022**	0.111***	−0.194***	0.188***	0.141***	0.179***	1.000
(19)	LNGEO	0.311***	−0.001	−0.012	0.088***	0.085***	0.037***	−0.044***	−0.032***	0.046***	−0.007	0.003	−0.021**	−0.037***	−0.031***	0.168***	0.090***	0.440***	0.394***	1.000
(20)	BUSY	0.107***	0.062***	0.075***	−0.046***	−0.166***	−0.120***	−0.065***	0.022**	0.045***	0.015	−0.006	−0.010	0.119***	−0.076***	0.042***	0.008	0.007	0.047***	0.073***	1.000
(21)	BIG4	0.295***	0.112***	0.110***	−0.171***	−0.137***	−0.077***	0.014	−0.069***	0.047***	0.005	−0.012	−0.004	0.148***	−0.157***	0.241***	0.041***	0.058***	0.080***	0.050***	0.026***	1.000
(22)	SP	0.111***	0.050***	0.073***	−0.070***	−0.038***	0.021**	−0.032***	−0.013	−0.037***	−0.005	0.021**	0.005	0.059***	−0.062***	0.054***	−0.005	−0.012	0.061***	−0.005	0.044***	0.062***	1.000
(23)	LNTENURE	0.227***	0.116***	0.113***	−0.098***	−0.085***	−0.038***	0.019*	−0.027***	0.035***	−0.029***	−0.045***	−0.035***	0.135***	−0.056***	0.254***	−0.007	0.067***	0.074***	0.072***	0.010	0.274***	0.041***	1.000
(24)	AUD_CH	−0.087***	−0.040***	−0.037***	0.036***	0.024**	0.011	−0.007	0.008	−0.008	0.032***	0.024**	0.030***	−0.024**	0.021**	−0.074***	−0.005	−0.006	−0.018*	−0.011	−0.010	−0.126***	−0.015	−0.538***	1.000
(25)	LNAF	0.647***	0.241***	0.234***	−0.245***	−0.169***	−0.098***	0.041***	−0.133***	0.227***	−0.011	−0.022**	−0.012	0.216***	−0.201***	0.538***	0.149***	0.253***	0.254***	0.207***	0.047***	0.238***	0.069***	0.152***	−0.074***	1.000
(26)	DUAL	0.106***	0.133***	0.143***	−0.079***	−0.036***	0.027***	0.028***	−0.020**	−0.036***	0.000	−0.039***	−0.008	0.007	−0.039***	0.132***	0.006	0.011	0.073***	−0.007	0.065***	−0.006	0.010	−0.018*	−0.009	0.106***	1.000
(27)	CEOEXP	0.018*	0.016	0.019*	−0.019*	−0.011	0.008	0.005	0.012	−0.003	−0.001	0.006	−0.005	0.010	−0.001	0.009	0.002	−0.011	0.004	0.001	−0.006	0.013	−0.002	0.033***	−0.007	0.017*	−0.020**	1.000

No.	Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)	(21)	(22)	(23)	(24)	(25)	(26)	(27)
(1)	LAF	1.000
(2)	LNPEN	0.368***	1.000
(3)	LNNUM	0.374***	0.900***	1.000
(4)	LIQ	−0.351***	−0.230***	−0.232***	1.000
(5)	CA_TA	−0.219***	−0.242***	−0.268***	0.469***	1.000
(6)	INVREC	−0.085***	−0.026***	−0.040***	0.056***	0.613***	1.000
(7)	ROA	−0.048***	−0.005	−0.019*	0.049***	0.153***	0.099***	1.000
(8)	LOSS	−0.122***	−0.051***	−0.051***	0.098***	0.026***	−0.087***	−0.503***	1.000
(9)	INTANG	0.241***	−0.005	−0.028***	−0.240***	−0.478***	−0.279***	−0.042***	−0.135***	1.000
(10)	GC	−0.009	−0.014	−0.013	−0.008	0.017*	0.011	−0.037***	0.056***	−0.012	1.000
(11)	MW	0.022**	−0.016	−0.021**	−0.004	0.006	0.017*	−0.085***	0.039***	0.013	0.030***	1.000
(12)	RESTATE	−0.011	−0.018*	−0.018*	0.007	0.023**	0.011	−0.036***	0.026***	−0.027***	−0.002	0.122***	1.000
(13)	LEV	0.311***	0.163***	0.173***	−0.354***	−0.455***	−0.200***	−0.081***	−0.018*	0.236***	0.017*	0.011	−0.007	1.000
(14)	Z	−0.313***	−0.169***	−0.175***	0.523***	0.397***	0.104***	0.482***	−0.110***	−0.208***	−0.019*	−0.047***	−0.014	−0.495***	1.000
(15)	SIZE	0.729***	0.365***	0.378***	−0.255***	−0.244***	−0.255***	0.285***	−0.209***	0.173***	−0.041***	−0.082***	−0.051***	0.197***	0.029***	1.000
(16)	MERGER	0.163***	0.014	0.000	−0.099***	−0.107***	−0.002	0.039***	−0.125***	0.340***	0.007	−0.014	−0.013	0.040***	−0.069***	0.104***	1.000
(17)	FRGN	0.343***	0.007	−0.012	0.032***	0.104***	0.084***	0.124***	−0.205***	0.124***	−0.019*	−0.017*	−0.014	−0.017*	0.024**	0.256***	0.141***	1.000
(18)	LNSEG	0.360***	0.203***	0.211***	−0.164***	−0.140***	0.049***	−0.026***	−0.089***	0.144***	−0.012	−0.003	−0.022**	0.111***	−0.194***	0.188***	0.141***	0.179***	1.000
(19)	LNGEO	0.311***	−0.001	−0.012	0.088***	0.085***	0.037***	−0.044***	−0.032***	0.046***	−0.007	0.003	−0.021**	−0.037***	−0.031***	0.168***	0.090***	0.440***	0.394***	1.000
(20)	BUSY	0.107***	0.062***	0.075***	−0.046***	−0.166***	−0.120***	−0.065***	0.022**	0.045***	0.015	−0.006	−0.010	0.119***	−0.076***	0.042***	0.008	0.007	0.047***	0.073***	1.000
(21)	BIG4	0.295***	0.112***	0.110***	−0.171***	−0.137***	−0.077***	0.014	−0.069***	0.047***	0.005	−0.012	−0.004	0.148***	−0.157***	0.241***	0.041***	0.058***	0.080***	0.050***	0.026***	1.000
(22)	SP	0.111***	0.050***	0.073***	−0.070***	−0.038***	0.021**	−0.032***	−0.013	−0.037***	−0.005	0.021**	0.005	0.059***	−0.062***	0.054***	−0.005	−0.012	0.061***	−0.005	0.044***	0.062***	1.000
(23)	LNTENURE	0.227***	0.116***	0.113***	−0.098***	−0.085***	−0.038***	0.019*	−0.027***	0.035***	−0.029***	−0.045***	−0.035***	0.135***	−0.056***	0.254***	−0.007	0.067***	0.074***	0.072***	0.010	0.274***	0.041***	1.000
(24)	AUD_CH	−0.087***	−0.040***	−0.037***	0.036***	0.024**	0.011	−0.007	0.008	−0.008	0.032***	0.024**	0.030***	−0.024**	0.021**	−0.074***	−0.005	−0.006	−0.018*	−0.011	−0.010	−0.126***	−0.015	−0.538***	1.000
(25)	LNAF	0.647***	0.241***	0.234***	−0.245***	−0.169***	−0.098***	0.041***	−0.133***	0.227***	−0.011	−0.022**	−0.012	0.216***	−0.201***	0.538***	0.149***	0.253***	0.254***	0.207***	0.047***	0.238***	0.069***	0.152***	−0.074***	1.000
(26)	DUAL	0.106***	0.133***	0.143***	−0.079***	−0.036***	0.027***	0.028***	−0.020**	−0.036***	0.000	−0.039***	−0.008	0.007	−0.039***	0.132***	0.006	0.011	0.073***	−0.007	0.065***	−0.006	0.010	−0.018*	−0.009	0.106***	1.000
(27)	CEOEXP	0.018*	0.016	0.019*	−0.019*	−0.011	0.008	0.005	0.012	−0.003	−0.001	0.006	−0.005	0.010	−0.001	0.009	0.002	−0.011	0.004	0.001	−0.006	0.013	−0.002	0.033***	−0.007	0.017*	−0.020**	1.000

Note(s):

*, ** and *** indicate significance (two-tailed) at 0.10, 0.05 and 0.01 levels, respectively. The definition and measurement of the variables are described in Appendix

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