Table 4 Pearson correlations Variables...

Table 4

Pearson correlations

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)	(15)	(16)	(17)
(1) Failure	1.000
(2) AbnCFO	0.077	1.000
(3) AbnPROD	0.053	−0.477	1.000
(4) AbnDISX	0.118	−0.099	0.719	1.000
(5) Rm_PROXY	0.033	0.899	−0.803	−0.351	1.000
(6) Poison Pill	0.115	0.009	0.034	0.043	−0.009	1.000
(7) Abs_DA	0.052	−0.030	0.043	0.175	−0.018	0.055	1.000
(8) Offer Price	−0.040	−0.025	0.035	0.001	−0.037	−0.015	−0.013	1.000
(9) Firstday_ret	0.020	−0.032	0.077	0.090	−0.053	−0.023	0.004	0.242*	1.000
(10) BTM	0.077	0.334	−0.268	−0.145	0.350	0.048	0.093	−0.042	−0.052	1.000
(11) Leverage	0.007	0.001	0.009	−0.027	−0.009	0.035	0.061	0.014	−0.030	0.024	1.000
(12) Logage	0.008	0.146	−0.144	−0.191	0.150	−0.024	−0.109	−0.056	−0.079	0.028	−0.132	1.000
(13) ROA	−0.099	−0.373	0.149	−0.071	−0.335	−0.052	−0.481	0.021	−0.040	−0.322	−0.203	0.085	1.000
(14) VC_Dummy	0.057	−0.067	0.199	0.239	−0.128	0.092	0.105	0.130	0.103	−0.060	0.068	−0.410	−0.097	1.000
(15) Big4	−0.005	0.041	−0.014	0.027	0.038	−0.037	−0.020	−0.009	−0.040	0.000	0.034	0.037	−0.006	0.036	1.000
(16) Gross_Margin	−0.096	−0.131	0.096	0.020	−0.138	−0.069	−0.046	0.253	0.115	−0.153	−0.138	−0.003	0.097	0.040	0.087	1.000
(17) Nidummy	0.083	0.334	−0.095	0.099	0.281	0.063	0.320	−0.001	0.010	0.378	0.174	−0.078	−0.521	0.083	−0.004	−0.098	1.000

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)	(15)	(16)	(17)
(1) Failure	1.000
(2) AbnCFO	0.077	1.000
(3) AbnPROD	0.053	−0.477	1.000
(4) AbnDISX	0.118	−0.099	0.719	1.000
(5) Rm_PROXY	0.033	0.899	−0.803	−0.351	1.000
(6) Poison Pill	0.115	0.009	0.034	0.043	−0.009	1.000
(7) Abs_DA	0.052	−0.030	0.043	0.175	−0.018	0.055	1.000
(8) Offer Price	−0.040	−0.025	0.035	0.001	−0.037	−0.015	−0.013	1.000
(9) Firstday_ret	0.020	−0.032	0.077	0.090	−0.053	−0.023	0.004	0.242*	1.000
(10) BTM	0.077	0.334	−0.268	−0.145	0.350	0.048	0.093	−0.042	−0.052	1.000
(11) Leverage	0.007	0.001	0.009	−0.027	−0.009	0.035	0.061	0.014	−0.030	0.024	1.000
(12) Logage	0.008	0.146	−0.144	−0.191	0.150	−0.024	−0.109	−0.056	−0.079	0.028	−0.132	1.000
(13) ROA	−0.099	−0.373	0.149	−0.071	−0.335	−0.052	−0.481	0.021	−0.040	−0.322	−0.203	0.085	1.000
(14) VC_Dummy	0.057	−0.067	0.199	0.239	−0.128	0.092	0.105	0.130	0.103	−0.060	0.068	−0.410	−0.097	1.000
(15) Big4	−0.005	0.041	−0.014	0.027	0.038	−0.037	−0.020	−0.009	−0.040	0.000	0.034	0.037	−0.006	0.036	1.000
(16) Gross_Margin	−0.096	−0.131	0.096	0.020	−0.138	−0.069	−0.046	0.253	0.115	−0.153	−0.138	−0.003	0.097	0.040	0.087	1.000
(17) Nidummy	0.083	0.334	−0.095	0.099	0.281	0.063	0.320	−0.001	0.010	0.378	0.174	−0.078	−0.521	0.083	−0.004	−0.098	1.000

Note(s): The table presents the matrix of Pearson correlations. The sample period encompasses 1993 to the 2015-time horizon. All variables are defined in Appendix. Italics font highlights significant effects at p < 0.001

Source(s): Table by authors

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