Table 5 Pearson’s correlations Variable... | Emerald Publishing

Table 5

Pearson’s correlations

Variable	DA	DPO	SIZE	DEBT	ROE	RSQ	GROW	LIQ	CFO	CONC	ACIND	CUMUL	ACEXP	NUMB	TACA	AUD	ROA	BM
DA	1		0.253**	0.263**	0.129**	0.04	0.099**	−0.113	0.186**	0.082**	0.05	0.176**	−0.027	0.120**	0.026	0.041*	0.151***	−0.014
DPO		1	0.088***	−0.035*	0.052**	0.225***	−0.017	−0.032	0.065***	0.042*	0.022	−0.028	0.016	−0.002	−0.037	0.011	0.067***	0.001
SIZE			1	0.234**	0.223**	0.115**	−0.071	−0.288	0.382**	−0.178	−0.069	0.075	0.162**	0.215**	0.343**	−0.002	0.341*	−0.023
DEBT				1	−0.058^**	−0.025	−0.006	−0.307	0.008	−0.048	−0.047	0.156**	0.003	0.164**	−0.04	−0.048**	0.03	0.037
ROE					1	0.136**	−0.03	−0.137	0.449**	0.162**	−0.13	0.029	−0.002	−0.036	0.078*	−0.001	0.589***	−0.238***
RSQ						1	−0.036	−0.132	0.139**	0.12**	0.021	−0.073	0.018	0.038	−0.03	−0.013	0.152*	−0.013
GROW							1	0.153**	−0.028	−0.032	0.034	0.055	−0.037	−0.004	−0.073	−0.009	−0.083*	0.004
LIQ								1	−0.284	−0.131	0.105**	0.013	0.034	−0.035	−0.177	0.018	−0.273***	0.022
CFO									1	0.188**	−0.054	0.033	−0.098	0.028	0.042	−0.004	0.746*	−0.040^*
CONC										1	−0.274	0.037	−0.094	−1.159	−0.015	−0.053**	0.211*	0.029
ACIND											1	−0.187	0.066	−0.108	−0.185	0.069*	−0.147*	−0.005
CUMUL												1	−0.213	−0.163	0.135*	0.103***	−0.016	−0.035
ACEXP													1	0.049	0.154**	−0.021	−0.024	0.029
NUMB														1	0.076	−0.002	0.043	−0.014
TACA															1	−0.101***	−0.064*	0.150***
AUD																1	−0.001	−0.014
ROA																	1	−0.042*
BM																		1

Variable	DA	DPO	SIZE	DEBT	ROE	RSQ	GROW	LIQ	CFO	CONC	ACIND	CUMUL	ACEXP	NUMB	TACA	AUD	ROA	BM
DA	1		0.253**	0.263**	0.129**	0.04	0.099**	−0.113	0.186**	0.082**	0.05	0.176**	−0.027	0.120**	0.026	0.041*	0.151***	−0.014
DPO		1	0.088***	−0.035*	0.052**	0.225***	−0.017	−0.032	0.065***	0.042*	0.022	−0.028	0.016	−0.002	−0.037	0.011	0.067***	0.001
SIZE			1	0.234**	0.223**	0.115**	−0.071	−0.288	0.382**	−0.178	−0.069	0.075	0.162**	0.215**	0.343**	−0.002	0.341*	−0.023
DEBT				1	−0.058^**	−0.025	−0.006	−0.307	0.008	−0.048	−0.047	0.156**	0.003	0.164**	−0.04	−0.048**	0.03	0.037
ROE					1	0.136**	−0.03	−0.137	0.449**	0.162**	−0.13	0.029	−0.002	−0.036	0.078*	−0.001	0.589***	−0.238***
RSQ						1	−0.036	−0.132	0.139**	0.12**	0.021	−0.073	0.018	0.038	−0.03	−0.013	0.152*	−0.013
GROW							1	0.153**	−0.028	−0.032	0.034	0.055	−0.037	−0.004	−0.073	−0.009	−0.083*	0.004
LIQ								1	−0.284	−0.131	0.105**	0.013	0.034	−0.035	−0.177	0.018	−0.273***	0.022
CFO									1	0.188**	−0.054	0.033	−0.098	0.028	0.042	−0.004	0.746*	−0.040^*
CONC										1	−0.274	0.037	−0.094	−1.159	−0.015	−0.053**	0.211*	0.029
ACIND											1	−0.187	0.066	−0.108	−0.185	0.069*	−0.147*	−0.005
CUMUL												1	−0.213	−0.163	0.135*	0.103***	−0.016	−0.035
ACEXP													1	0.049	0.154**	−0.021	−0.024	0.029
NUMB														1	0.076	−0.002	0.043	−0.014
TACA															1	−0.101***	−0.064*	0.150***
AUD																1	−0.001	−0.014
ROA																	1	−0.042*
BM																		1

Note(s): *Significance at 10% level; **significance at 5% level and ***significance at 1% level

Source(s): Own elaboration