Table 3 Pairwise Pearson correlations...

Table 3

Pairwise Pearson correlations

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)
(1) ABSDTA	1.000
(2) ABSWCA	0.673*	1.000
(2) ABSWCA	(0.000)
(3) Subs	0.042*	0.037*	1.000
(3) Subs	(0.000)	(0.000)
(4) Parent_Size	0.048*	0.043*	0.504*	1.000
(4) Parent_Size	(0.000)	(0.000)	(0.000)
(5) Big4	0.033*	0.027*	0.624*	0.455*	1.000
(5) Big4	(0.000)	(0.000)	(0.000)	(0.000)
(6) BTD	0.089*	0.062*	−0.047*	−0.032*	−0.037*	1.000
(6) BTD	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
(7) Capneed	0.044*	0.022*	0.017*	0.010*	0.015*	0.037*	1.000
(7) Capneed	(0.000)	(0.000)	(0.000)	(0.007)	(0.000)	(0.000)
(8) Size	−0.081*	−0.109*	0.019*	−0.080*	0.053*	0.082*	0.026*	1.000
(8) Size	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
(9) ROE	−0.015*	−0.023*	−0.002	−0.001	−0.002	0.037*	0.001	0.018*	1.000
(9) ROE	(0.000)	(0.000)	(0.547)	(0.703)	(0.582)	(0.000)	(0.844)	(0.000)
(10) Loss	0.023*	0.054*	0.183*	0.105*	0.146*	−0.444*	−0.004	−0.003	−0.023*	1.000
(10) Loss	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.315)	(0.344)	(0.000)
(11) Std_ROA	0.025*	−0.018*	−0.062*	−0.053*	−0.048*	0.700*	0.027*	0.138*	0.030*	−0.611*	1.000
(11) Std_ROA	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
(12) Lev	−0.085*	−0.074*	−0.049*	−0.080*	−0.064*	−0.310*	−0.053*	0.045*	−0.005	0.093*	−0.290*	1.000
(12) Lev	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.218)	(0.000)	(0.000)
(13) Growth	0.071*	0.173*	0.011*	0.001	0.004	0.054*	0.011*	0.017*	0.003	−0.010*	0.006	−0.007*	1.000
(13) Growth	(0.000)	(0.000)	(0.003)	(0.733)	(0.287)	(0.000)	(0.002)	(0.000)	(0.456)	(0.006)	(0.119)	(0.049)
(14) Inv	−0.103*	−0.053*	−0.126*	−0.087*	−0.087*	−0.077*	−0.028*	0.003	0.005	−0.099*	−0.076*	0.274*	0.006	1.000
(14) Inv	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.367)	(0.212)	(0.000)	(0.000)	(0.000)	(0.128)

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)
(1) ABSDTA	1.000
(2) ABSWCA	0.673*	1.000
(2) ABSWCA	(0.000)
(3) Subs	0.042*	0.037*	1.000
(3) Subs	(0.000)	(0.000)
(4) Parent_Size	0.048*	0.043*	0.504*	1.000
(4) Parent_Size	(0.000)	(0.000)	(0.000)
(5) Big4	0.033*	0.027*	0.624*	0.455*	1.000
(5) Big4	(0.000)	(0.000)	(0.000)	(0.000)
(6) BTD	0.089*	0.062*	−0.047*	−0.032*	−0.037*	1.000
(6) BTD	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
(7) Capneed	0.044*	0.022*	0.017*	0.010*	0.015*	0.037*	1.000
(7) Capneed	(0.000)	(0.000)	(0.000)	(0.007)	(0.000)	(0.000)
(8) Size	−0.081*	−0.109*	0.019*	−0.080*	0.053*	0.082*	0.026*	1.000
(8) Size	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
(9) ROE	−0.015*	−0.023*	−0.002	−0.001	−0.002	0.037*	0.001	0.018*	1.000
(9) ROE	(0.000)	(0.000)	(0.547)	(0.703)	(0.582)	(0.000)	(0.844)	(0.000)
(10) Loss	0.023*	0.054*	0.183*	0.105*	0.146*	−0.444*	−0.004	−0.003	−0.023*	1.000
(10) Loss	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.315)	(0.344)	(0.000)
(11) Std_ROA	0.025*	−0.018*	−0.062*	−0.053*	−0.048*	0.700*	0.027*	0.138*	0.030*	−0.611*	1.000
(11) Std_ROA	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
(12) Lev	−0.085*	−0.074*	−0.049*	−0.080*	−0.064*	−0.310*	−0.053*	0.045*	−0.005	0.093*	−0.290*	1.000
(12) Lev	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.218)	(0.000)	(0.000)
(13) Growth	0.071*	0.173*	0.011*	0.001	0.004	0.054*	0.011*	0.017*	0.003	−0.010*	0.006	−0.007*	1.000
(13) Growth	(0.000)	(0.000)	(0.003)	(0.733)	(0.287)	(0.000)	(0.002)	(0.000)	(0.456)	(0.006)	(0.119)	(0.049)
(14) Inv	−0.103*	−0.053*	−0.126*	−0.087*	−0.087*	−0.077*	−0.028*	0.003	0.005	−0.099*	−0.076*	0.274*	0.006	1.000
(14) Inv	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.367)	(0.212)	(0.000)	(0.000)	(0.000)	(0.128)

Note(s): *shows significance at p < 0.05

Source(s): Table created by authors'

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