Table V Correlation matrix Variables a...

Table V

Correlation matrix

Variables^a	REM_i,t
1. BSIZE_i,t	−0.175**
2. INDBD_i,t	−0.211***
3. CEOCHAIR_i,t	0.257***
4. BMEET_i,t	0.047
5. BFAEXP_i,t	0.051
6. AUDCSIZE_i,t	−0.264***
7. NINDAC_i,t	−0.188***
8. ACMEET_i,t	−0.032
9. ACFAEXP_i,t	−0.002
10. LEV_i,t	0.336***
11. BIG4_i,t	0.103
12. FSIZE_i,t	0.348***
13. GROWTH_i,t	0.087

Variables^a	REM_i,t
1. BSIZE_i,t	−0.175**
2. INDBD_i,t	−0.211***
3. CEOCHAIR_i,t	0.257***
4. BMEET_i,t	0.047
5. BFAEXP_i,t	0.051
6. AUDCSIZE_i,t	−0.264***
7. NINDAC_i,t	−0.188***
8. ACMEET_i,t	−0.032
9. ACFAEXP_i,t	−0.002
10. LEV_i,t	0.336***
11. BIG4_i,t	0.103
12. FSIZE_i,t	0.348***
13. GROWTH_i,t	0.087

Notes: As per the results in Table VI, all the variables have a Variation Inflation Factor value less than 5, thereby indicating that multi-collinearity issue does not violate regression assumptions or compromise the regression model. ^aDefinitions of these variables are indicated under Table III. **p<0.05; ***p<0.01

Source: Author constructed

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