Table 4 Correlation of variables...

Table 4

Correlation of variables

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)
(1) OPINION_CAT	1.000
(2) CLEAN	−0.770^***	1.000
(3) DEG	0.031	−0.062^**	1.000
(4) EIGEN	−0.065^***	0.085^***	0.654^***	1.000
(5) CLOS	0.102^***	−0.155^***	0.446^***	0.195^***	1.000
(6) BET	0.010	−0.035	0.519^***	0.170^***	0.437^***	1.000
(7) PCA	0.026	−0.056^*	0.901^***	0.680^***	0.681^***	0.710^***	1.000
(8) N-SCORE	0.000	0.000	0.710^***	0.722^***	0.426^***	0.600^***	0.824^***	1.000
(9) SIZE	0.099^***	−0.156^***	0.459^***	0.262^***	0.327^***	0.220^***	0.433^***	0.281^***	1.000
(10) LEV	0.017	−0.032	0.075^***	0.112^***	−0.002	−0.056^**	0.047^*	0.076^***	0.142^***	1.000
(11) ROA	−0.045^*	0.058^***	−0.107^***	−0.095^***	0.016	0.020	−0.061^***	−0.087^***	−0.247^***	−0.288^***	1.000
(12) EXP	−0.014	0.015	−0.003	0.063^***	−0.002	0.010	0.021	0.043^*	0.009	0.055^***	−0.007	1.000
(13) RECEI	0.040^*	−0.067^***	0.000	0.036	−0.053^**	−0.091^***	−0.034	0.009	−0.126^***	0.223^***	0.002	0.012	1.000
(14) LOSS	0.026	−0.028	0.009	0.021	0.006	−0.015	0.007	−0.003	0.055^*	0.101^***	−0.516^***	0.122^***	0.011	1.000
(15) LOSS_t−1	0.036	−0.032	0.009	0.003	0.028	−0.016	0.008	0.006	0.032	0.078^***	−0.199^***	−0.036	0.023	0.229^***
(16) CLEAN_t−1	−0.460^***	0.638^***	−0.071^***	0.095^***	−0.163^***	−0.040	−0.062^**	−0.007	−0.162^***	−0.027	0.076^***	0.030	−0.066^***	−0.040^*
(17) AC_SIZE	0.020	0.001	0.233^***	0.173^***	0.086^***	−0.039^*	0.160^***	0.058^**	0.198^***	0.034	−0.020	−0.037^*	0.000	0.043^*
(18) AC_MEET	0.066^***	−0.031	−0.017	−0.067^***	−0.117^***	−0.087^***	−0.090^***	−0.056^***	0.146^***	0.128^***	−0.190^***	0.019	−0.006	0.114^***
(19) BC_MEET	0.064^***	−0.026	−0.062^***	−0.081^***	−0.093^***	−0.082^***	−0.103^***	−0.089^***	0.072^***	0.177^***	−0.201^***	0.039^*	0.001	0.124^***
(20) B_INDEP	−0.115^***	0.138^***	−0.081^***	0.033	0.077^***	0.021	0.008	−0.049^*	0.172^***	−0.049^*	0.025	0.007	0.029	0.010
(21) BIG4	−0.106^***	0.121^***	0.017	0.043^*	−0.038^*	0.022	0.015	0.051^***	0.035	−0.021	0.073^***	−0.045^*	−0.035	−0.028
(22) AF_t−1	0.120^***	−0.181^***	0.353^***	0.189^***	0.328^***	0.221^***	0.366^***	0.217^***	0.701^***	0.082^***	−0.140^***	0.002	0.023	0.041^*
(23) R_LAW	−0.179^***	0.125^***	0.055^***	0.148^***	0.132^***	0.099^***	0.139^***	0.110^***	0.088^***	−0.016	0.137^***	0.021	0.015	−0.063^***
(24) REST_LINKS	0.073^***	−0.131^***	0.565^***	0.301^***	0.454^***	0.478^***	0.608^***	0.447^***	0.457^***	0.024	−0.058^***	−0.023	−0.056^***	−0.003
(25) LINKS_TOTAL	0.106^***	−0.171^***	0.645^***	0.331^***	0.550^***	0.594^***	0.715^***	0.540^***	0.473^***	0.003	−0.034^*	−0.011	−0.050^***	0.005

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)
(1) OPINION_CAT	1.000
(2) CLEAN	−0.770^***	1.000
(3) DEG	0.031	−0.062^**	1.000
(4) EIGEN	−0.065^***	0.085^***	0.654^***	1.000
(5) CLOS	0.102^***	−0.155^***	0.446^***	0.195^***	1.000
(6) BET	0.010	−0.035	0.519^***	0.170^***	0.437^***	1.000
(7) PCA	0.026	−0.056^*	0.901^***	0.680^***	0.681^***	0.710^***	1.000
(8) N-SCORE	0.000	0.000	0.710^***	0.722^***	0.426^***	0.600^***	0.824^***	1.000
(9) SIZE	0.099^***	−0.156^***	0.459^***	0.262^***	0.327^***	0.220^***	0.433^***	0.281^***	1.000
(10) LEV	0.017	−0.032	0.075^***	0.112^***	−0.002	−0.056^**	0.047^*	0.076^***	0.142^***	1.000
(11) ROA	−0.045^*	0.058^***	−0.107^***	−0.095^***	0.016	0.020	−0.061^***	−0.087^***	−0.247^***	−0.288^***	1.000
(12) EXP	−0.014	0.015	−0.003	0.063^***	−0.002	0.010	0.021	0.043^*	0.009	0.055^***	−0.007	1.000
(13) RECEI	0.040^*	−0.067^***	0.000	0.036	−0.053^**	−0.091^***	−0.034	0.009	−0.126^***	0.223^***	0.002	0.012	1.000
(14) LOSS	0.026	−0.028	0.009	0.021	0.006	−0.015	0.007	−0.003	0.055^*	0.101^***	−0.516^***	0.122^***	0.011	1.000
(15) LOSS_t−1	0.036	−0.032	0.009	0.003	0.028	−0.016	0.008	0.006	0.032	0.078^***	−0.199^***	−0.036	0.023	0.229^***
(16) CLEAN_t−1	−0.460^***	0.638^***	−0.071^***	0.095^***	−0.163^***	−0.040	−0.062^**	−0.007	−0.162^***	−0.027	0.076^***	0.030	−0.066^***	−0.040^*
(17) AC_SIZE	0.020	0.001	0.233^***	0.173^***	0.086^***	−0.039^*	0.160^***	0.058^**	0.198^***	0.034	−0.020	−0.037^*	0.000	0.043^*
(18) AC_MEET	0.066^***	−0.031	−0.017	−0.067^***	−0.117^***	−0.087^***	−0.090^***	−0.056^***	0.146^***	0.128^***	−0.190^***	0.019	−0.006	0.114^***
(19) BC_MEET	0.064^***	−0.026	−0.062^***	−0.081^***	−0.093^***	−0.082^***	−0.103^***	−0.089^***	0.072^***	0.177^***	−0.201^***	0.039^*	0.001	0.124^***
(20) B_INDEP	−0.115^***	0.138^***	−0.081^***	0.033	0.077^***	0.021	0.008	−0.049^*	0.172^***	−0.049^*	0.025	0.007	0.029	0.010
(21) BIG4	−0.106^***	0.121^***	0.017	0.043^*	−0.038^*	0.022	0.015	0.051^***	0.035	−0.021	0.073^***	−0.045^*	−0.035	−0.028
(22) AF_t−1	0.120^***	−0.181^***	0.353^***	0.189^***	0.328^***	0.221^***	0.366^***	0.217^***	0.701^***	0.082^***	−0.140^***	0.002	0.023	0.041^*
(23) R_LAW	−0.179^***	0.125^***	0.055^***	0.148^***	0.132^***	0.099^***	0.139^***	0.110^***	0.088^***	−0.016	0.137^***	0.021	0.015	−0.063^***
(24) REST_LINKS	0.073^***	−0.131^***	0.565^***	0.301^***	0.454^***	0.478^***	0.608^***	0.447^***	0.457^***	0.024	−0.058^***	−0.023	−0.056^***	−0.003
(25) LINKS_TOTAL	0.106^***	−0.171^***	0.645^***	0.331^***	0.550^***	0.594^***	0.715^***	0.540^***	0.473^***	0.003	−0.034^*	−0.011	−0.050^***	0.005

	(15)	(16)	(17)	(18)	(19)	(20)	(21)	(22)	(23)	(24)	(25)
(15) LOSS_t−1	1.000
(16) CLEAN_t−1	−0.036^*	1.000
(17) AC_SIZE	0.037^*	−0.007	1.000
(18) AC_MEET	0.085^***	−0.031	−0.026	1.000
(19) BC_MEET	0.081^***	−0.021	−0.014	0.665^***	1.000
(20) B_INDEP	0.019	0.158^***	0.012	−0.050^***	−0.040^*	1.000
(21) BIG4	−0.033	0.113^***	0.063^***	0.008	−0.098^***	0.028	1.000
(22) AF_t−1	0.046^*	−0.177^***	0.184^***	0.030	−0.058^***	0.234^***	0.047^**	1.000
(23) R_LAW	−0.053^***	0.125^***	−0.017	−0.503^***	−0.384^***	0.274^***	0.004	0.165^***	1.000
(24) REST_LINKS	0.015	−0.142^***	0.245^***	−0.076^***	−0.096^***	0.076^***	0.054^***	0.396^***	0.090^***	1.000
(25) LINKS_TOTAL	0.008	−0.185^***	0.239^***	−0.110^***	−0.166^***	0.086^***	0.094^***	0.446^***	0.129^***	0.844^***	1.000

	(15)	(16)	(17)	(18)	(19)	(20)	(21)	(22)	(23)	(24)	(25)
(15) LOSS_t−1	1.000
(16) CLEAN_t−1	−0.036^*	1.000
(17) AC_SIZE	0.037^*	−0.007	1.000
(18) AC_MEET	0.085^***	−0.031	−0.026	1.000
(19) BC_MEET	0.081^***	−0.021	−0.014	0.665^***	1.000
(20) B_INDEP	0.019	0.158^***	0.012	−0.050^***	−0.040^*	1.000
(21) BIG4	−0.033	0.113^***	0.063^***	0.008	−0.098^***	0.028	1.000
(22) AF_t−1	0.046^*	−0.177^***	0.184^***	0.030	−0.058^***	0.234^***	0.047^**	1.000
(23) R_LAW	−0.053^***	0.125^***	−0.017	−0.503^***	−0.384^***	0.274^***	0.004	0.165^***	1.000
(24) REST_LINKS	0.015	−0.142^***	0.245^***	−0.076^***	−0.096^***	0.076^***	0.054^***	0.396^***	0.090^***	1.000
(25) LINKS_TOTAL	0.008	−0.185^***	0.239^***	−0.110^***	−0.166^***	0.086^***	0.094^***	0.446^***	0.129^***	0.844^***	1.000

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