Pearson correlation statistics
| Variable | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. ICW | 1.00 | ||||||||||||||||
| 2. Hedge fund intervention | 0.03 | 1.00 | |||||||||||||||
| 3. Size | −0.11 | −0.02 | 1.00 | ||||||||||||||
| 4. Prior loss | 0.09 | 0.06 | −0.36 | 1.00 | |||||||||||||
| 5. ROA | −0.08 | −0.03 | 0.41 | −0.67 | 1.00 | ||||||||||||
| 6. Leverage | 0.06 | 0.05 | 0.15 | 0.20 | −0.10 | 1.00 | |||||||||||
| 7. Sales growth | 0.01 | −0.02 | −0.03 | −0.04 | 0.01 | −0.04 | 1.00 | ||||||||||
| 8. PPE | −0.09 | −0.01 | 0.88 | −0.35 | 0.42 | 0.20 | −0.04 | 1.00 | |||||||||
| 9. Return | −0.02 | −0.03 | −0.03 | −0.06 | 0.06 | −0.11 | 0.04 | −0.05 | 1.00 | ||||||||
| 10. Big4 | −0.13 | −0.02 | 0.52 | −0.22 | 0.20 | −0.01 | 0.01 | 0.44 | 0.01 | 1.00 | |||||||
| 11. Auditor change | 0.08 | 0.01 | −0.10 | 0.06 | −0.05 | 0.03 | 0.01 | −0.08 | 0.02 | −0.14 | 1.00 | ||||||
| 12. Firm age | −0.05 | −0.01 | 0.35 | −0.20 | 0.19 | −0.01 | −0.11 | 0.32 | −0.02 | 0.14 | −0.04 | 1.00 | |||||
| 13. KZ index | 0.02 | 0.02 | 0.16 | 0.01 | −0.04 | 0.14 | −0.09 | 0.38 | −0.06 | 0.05 | −0.01 | 0.06 | 1.00 |
| Variable | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. ICW | 1.00 | ||||||||||||||||
| 2. Hedge fund intervention | 0.03 | 1.00 | |||||||||||||||
| 3. Size | −0.11 | −0.02 | 1.00 | ||||||||||||||
| 4. Prior loss | 0.09 | 0.06 | −0.36 | 1.00 | |||||||||||||
| 5. ROA | −0.08 | −0.03 | 0.41 | −0.67 | 1.00 | ||||||||||||
| 6. Leverage | 0.06 | 0.05 | 0.15 | 0.20 | −0.10 | 1.00 | |||||||||||
| 7. Sales growth | 0.01 | −0.02 | −0.03 | −0.04 | 0.01 | −0.04 | 1.00 | ||||||||||
| 8. PPE | −0.09 | −0.01 | 0.88 | −0.35 | 0.42 | 0.20 | −0.04 | 1.00 | |||||||||
| 9. Return | −0.02 | −0.03 | −0.03 | −0.06 | 0.06 | −0.11 | 0.04 | −0.05 | 1.00 | ||||||||
| 10. Big4 | −0.13 | −0.02 | 0.52 | −0.22 | 0.20 | −0.01 | 0.01 | 0.44 | 0.01 | 1.00 | |||||||
| 11. Auditor change | 0.08 | 0.01 | −0.10 | 0.06 | −0.05 | 0.03 | 0.01 | −0.08 | 0.02 | −0.14 | 1.00 | ||||||
| 12. Firm age | −0.05 | −0.01 | 0.35 | −0.20 | 0.19 | −0.01 | −0.11 | 0.32 | −0.02 | 0.14 | −0.04 | 1.00 | |||||
| 13. KZ index | 0.02 | 0.02 | 0.16 | 0.01 | −0.04 | 0.14 | −0.09 | 0.38 | −0.06 | 0.05 | −0.01 | 0.06 | 1.00 |
Note(s): This table presents the Pearson correlations between the variables in the sample. Variable definitions can be found in Appendix 1
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