Table 2 Pearson correlation statistics... | Emerald Publishing

Table 2

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