Table 3 Pearson correlations matrix ( n...

Table 3

Pearson correlations matrix (n = 1,097)

Variable	1	2	3	4	5	6	7	8	9	10	11	12	13	14
(1) IE5	1	0.889**	−0.205**	−0.187**	−0.204**	−0.136**	0.110**	0.009	0.051	0.017	−0.037	−0.01	0.034	0.043
(2) IE10	0.889**	1	−0.198**	−0.189**	−0.197**	−0.123**	0.112**	0.013	0.061	0.022	−0.03	−0.012	0.044	0.04
(3) Fog	−0.205**	−0.198**	1	0.830**	0.978**	0.003	0.015	0.160**	−0.072*	0.118**	−0.032	0.019	−0.173**	−0.121**
(4) FK	−0.187**	−0.189**	0.830**	1	0.844**	−0.015	−0.003	0.169**	−0.051	0.059	−0.057	0.037	−0.290**	−0.212**
(5) SMOG	−0.204**	−0.197**	0.978**	0.844**	1	−0.031	0.008	0.160**	−0.06	0.110**	−0.036	0.019	−0.211**	−0.145**
(6) B_SIZE	−0.136**	−0.123**	0.003	−0.015	−0.031	1	0.019	−0.036	−0.055	0.080**	0.051	−0.051	0.033	0.033
(7) B_IND	0.110**	0.112**	0.015	−0.003	0.008	0.019	1	−0.083**	0.234**	−0.182**	0.085**	−0.180**	−0.157**	−0.155**
(8) InstOwn	0.009	0.013	0.160**	0.169**	0.160**	−0.036	−0.083**	1	−0.109**	0.253**	−0.005	0.041	−0.129**	−0.317**
(9) AudType	0.051	0.061	−0.072*	−0.051	−0.06	−0.055	0.234**	−0.109**	1	−0.504**	0.249**	−0.603**	−0.101**	−0.276**
(10) LnFee	0.017	0.022	0.118**	0.059	0.110**	0.080**	−0.182**	0.253**	−0.504**	1	−0.159**	0.390**	−0.026	0.068*
(11) AudChange	−0.037	−0.03	−0.032	−0.057	−0.036	0.051	0.085**	−0.005	0.249**	−0.159**	1	−0.405**	0.009	−0.037
(12) AudTenure	−0.01	−0.012	0.019	0.037	0.019	−0.051	−0.180**	0.041	−0.603**	0.390**	−0.405**	1	−0.001	0.161**
(13) AudOpin	0.034	0.044	−0.173**	−0.290**	−0.211**	0.033	−0.157**	−0.129**	−0.101**	−0.026	0.009	−0.001	1	0.305**
(14) ARL	0.043	0.04	−0.121**	−0.212**	−0.145**	0.033	−0.155**	−0.317**	−0.276**	0.068*	−0.037	0.161**	0.305**	1
(15) Accruals	0.019	−0.015	−0.033	0.095**	−0.017	0.076*	0.029	0.023	−0.015	−0.042	−0.055	0.005	−0.106**	−0.121**
(16) Size	0.077**	0.071*	0.079**	0.03	0.067*	0.070*	−0.032	0.123**	−0.229**	0.452**	−0.097**	0.217**	0.031	−0.088**
(17) AssetGrowth	0.038	0.027	0.015	0.108**	0.02	0.03	0.041	−0.011	0.005	−0.084**	−0.013	−0.017	0.015	−0.042
(18) InvRec	0.117**	0.084**	−0.080**	−0.008	−0.093**	0.048	−0.083**	0.004	−0.049	0.003	−0.024	0.118**	0.018	0.073*
(19) ∆Lev	−0.179**	−0.132**	0.037	0.048	0.022	−0.004	0.001	0.085**	−0.041	0.002	0.009	0.051	0.039	0.036
(20) ROA	0.007	−0.015	0.025	0.107**	0.064	0.023	0.151**	0.058	0.012	−0.073*	−0.061	−0.034	−0.200**	−0.261**
(21) Loss	0.025	0.038	0.014	−0.028	−0.002	−0.054	−0.104**	−0.017	−0.042	0.052	0.033	−0.001	0.139**	0.154**
(22) Segment	0.008	0.005	0.028	−0.045	−0.001	0.172**	−0.089**	−0.166**	−0.174**	0.263**	−0.064	0.115**	0.242**	0.157**
(23) ALTZ	−0.006	−0.027	0.00066	0.094**	0.037	0.070*	0.101**	0.035	0.067*	−0.105**	−0.04	−0.064	−0.202**	−0.267**
(24) LnAge	0.007	0.006	−0.029	0.008	−0.032	0.049	−0.044	−0.177**	−0.080**	0.114**	−0.045	0.027	−0.033	0.173**
(25) Aturn	−0.088**	−0.088**	0.032	0.076*	0.057	−0.010	−0.031	0.106**	0.079**	−0.093**	0.014	−0.096**	−0.06	−0.173**
(26) FogFS	0.014	0.008	0.094**	0.122**	0.096**	0.092**	−0.006	−0.125**	−0.001	−0.091**	−0.012	−0.019	−0.067*	−0.045
(27) FC	−0.009	−0.010	0.083**	0.076*	0.081**	0.107**	−0.068*	0.178**	−0.123**	0.211**	−0.048	0.034	−0.074*	−0.147**

Variable	1	2	3	4	5	6	7	8	9	10	11	12	13	14
(1) IE5	1	0.889**	−0.205**	−0.187**	−0.204**	−0.136**	0.110**	0.009	0.051	0.017	−0.037	−0.01	0.034	0.043
(2) IE10	0.889**	1	−0.198**	−0.189**	−0.197**	−0.123**	0.112**	0.013	0.061	0.022	−0.03	−0.012	0.044	0.04
(3) Fog	−0.205**	−0.198**	1	0.830**	0.978**	0.003	0.015	0.160**	−0.072*	0.118**	−0.032	0.019	−0.173**	−0.121**
(4) FK	−0.187**	−0.189**	0.830**	1	0.844**	−0.015	−0.003	0.169**	−0.051	0.059	−0.057	0.037	−0.290**	−0.212**
(5) SMOG	−0.204**	−0.197**	0.978**	0.844**	1	−0.031	0.008	0.160**	−0.06	0.110**	−0.036	0.019	−0.211**	−0.145**
(6) B_SIZE	−0.136**	−0.123**	0.003	−0.015	−0.031	1	0.019	−0.036	−0.055	0.080**	0.051	−0.051	0.033	0.033
(7) B_IND	0.110**	0.112**	0.015	−0.003	0.008	0.019	1	−0.083**	0.234**	−0.182**	0.085**	−0.180**	−0.157**	−0.155**
(8) InstOwn	0.009	0.013	0.160**	0.169**	0.160**	−0.036	−0.083**	1	−0.109**	0.253**	−0.005	0.041	−0.129**	−0.317**
(9) AudType	0.051	0.061	−0.072*	−0.051	−0.06	−0.055	0.234**	−0.109**	1	−0.504**	0.249**	−0.603**	−0.101**	−0.276**
(10) LnFee	0.017	0.022	0.118**	0.059	0.110**	0.080**	−0.182**	0.253**	−0.504**	1	−0.159**	0.390**	−0.026	0.068*
(11) AudChange	−0.037	−0.03	−0.032	−0.057	−0.036	0.051	0.085**	−0.005	0.249**	−0.159**	1	−0.405**	0.009	−0.037
(12) AudTenure	−0.01	−0.012	0.019	0.037	0.019	−0.051	−0.180**	0.041	−0.603**	0.390**	−0.405**	1	−0.001	0.161**
(13) AudOpin	0.034	0.044	−0.173**	−0.290**	−0.211**	0.033	−0.157**	−0.129**	−0.101**	−0.026	0.009	−0.001	1	0.305**
(14) ARL	0.043	0.04	−0.121**	−0.212**	−0.145**	0.033	−0.155**	−0.317**	−0.276**	0.068*	−0.037	0.161**	0.305**	1
(15) Accruals	0.019	−0.015	−0.033	0.095**	−0.017	0.076*	0.029	0.023	−0.015	−0.042	−0.055	0.005	−0.106**	−0.121**
(16) Size	0.077**	0.071*	0.079**	0.03	0.067*	0.070*	−0.032	0.123**	−0.229**	0.452**	−0.097**	0.217**	0.031	−0.088**
(17) AssetGrowth	0.038	0.027	0.015	0.108**	0.02	0.03	0.041	−0.011	0.005	−0.084**	−0.013	−0.017	0.015	−0.042
(18) InvRec	0.117**	0.084**	−0.080**	−0.008	−0.093**	0.048	−0.083**	0.004	−0.049	0.003	−0.024	0.118**	0.018	0.073*
(19) ∆Lev	−0.179**	−0.132**	0.037	0.048	0.022	−0.004	0.001	0.085**	−0.041	0.002	0.009	0.051	0.039	0.036
(20) ROA	0.007	−0.015	0.025	0.107**	0.064	0.023	0.151**	0.058	0.012	−0.073*	−0.061	−0.034	−0.200**	−0.261**
(21) Loss	0.025	0.038	0.014	−0.028	−0.002	−0.054	−0.104**	−0.017	−0.042	0.052	0.033	−0.001	0.139**	0.154**
(22) Segment	0.008	0.005	0.028	−0.045	−0.001	0.172**	−0.089**	−0.166**	−0.174**	0.263**	−0.064	0.115**	0.242**	0.157**
(23) ALTZ	−0.006	−0.027	0.00066	0.094**	0.037	0.070*	0.101**	0.035	0.067*	−0.105**	−0.04	−0.064	−0.202**	−0.267**
(24) LnAge	0.007	0.006	−0.029	0.008	−0.032	0.049	−0.044	−0.177**	−0.080**	0.114**	−0.045	0.027	−0.033	0.173**
(25) Aturn	−0.088**	−0.088**	0.032	0.076*	0.057	−0.010	−0.031	0.106**	0.079**	−0.093**	0.014	−0.096**	−0.06	−0.173**
(26) FogFS	0.014	0.008	0.094**	0.122**	0.096**	0.092**	−0.006	−0.125**	−0.001	−0.091**	−0.012	−0.019	−0.067*	−0.045
(27) FC	−0.009	−0.010	0.083**	0.076*	0.081**	0.107**	−0.068*	0.178**	−0.123**	0.211**	−0.048	0.034	−0.074*	−0.147**

Variables	15	16	17	18	19	20	21	22	23	24	25	26	27
(15) Accruals	1	0.190**	0.342**	0.278**	−0.059	0.544**	−0.369**	−0.01	0.486**	−0.019	0.175**	0.075*	0.002
(16) Size	0.190**	1	0.192**	0.025	0.035	0.310**	−0.098**	0.323**	0.181**	0.032	−0.011	−0.099**	0.265**
(17) AssetGrowth	0.342**	0.192**	1	0.003	0.203**	0.278**	−0.083**	−0.055	0.202**	−0.033	0.150**	0.05	−0.069*
(18) InvRec	0.278**	0.025	0.003	1	0.122**	0.022	−0.033	−0.165**	0.164**	0.065*	0.196**	−0.023	−0.069*
(19) ∆Lev	−0.059	0.035	0.203**	0.122**	1	−0.195**	0.241**	0.03	−0.187**	−0.039	0.103**	−0.018	0.026
(20) ROA	0.544**	0.310**	0.278**	0.022	−0.195**	1	−0.574**	−0.056	0.864**	−0.046	0.262**	0.045	−0.034
(21) Loss	−0.369**	−0.098**	−0.083**	−0.033	0.241**	−0.574**	1	0.084**	−0.537**	0.022	−0.089**	−0.100**	0.042
(22) Segment	−0.01	0.323**	−0.055	−0.165**	0.03	−0.056	0.084**	1	−0.118**	0.227**	−0.245**	−0.099**	0.283**
(23) ALTZ	0.486**	0.181**	0.202**	0.164**	−0.187**	0.864**	−0.537**	−0.118**	1	−0.012	0.579**	0.090**	−0.082**
(24) LnAge	−0.019	0.032	−0.033	0.065*	−0.039	−0.046	0.022	0.227**	−0.012	1	−0.090**	−0.029	−0.063
(25) Aturn	0.175**	−0.011	0.150**	0.196**	0.103**	0.262**	−0.089**	−0.245**	0.579**	−0.090**	1	0.114**	−0.081**
(26) FogFS	0.075*	−0.099**	0.05	−0.023	−0.018	0.045	−0.100**	−0.099**	0.090**	−0.029	0.114**	1	−0.015
(27) FC	0.002	0.265**	−0.069*	−0.069*	0.026	−0.034	0.042	0.283**	−0.082**	−0.063	−0.081**	−0.015	1

Variables	15	16	17	18	19	20	21	22	23	24	25	26	27
(15) Accruals	1	0.190**	0.342**	0.278**	−0.059	0.544**	−0.369**	−0.01	0.486**	−0.019	0.175**	0.075*	0.002
(16) Size	0.190**	1	0.192**	0.025	0.035	0.310**	−0.098**	0.323**	0.181**	0.032	−0.011	−0.099**	0.265**
(17) AssetGrowth	0.342**	0.192**	1	0.003	0.203**	0.278**	−0.083**	−0.055	0.202**	−0.033	0.150**	0.05	−0.069*
(18) InvRec	0.278**	0.025	0.003	1	0.122**	0.022	−0.033	−0.165**	0.164**	0.065*	0.196**	−0.023	−0.069*
(19) ∆Lev	−0.059	0.035	0.203**	0.122**	1	−0.195**	0.241**	0.03	−0.187**	−0.039	0.103**	−0.018	0.026
(20) ROA	0.544**	0.310**	0.278**	0.022	−0.195**	1	−0.574**	−0.056	0.864**	−0.046	0.262**	0.045	−0.034
(21) Loss	−0.369**	−0.098**	−0.083**	−0.033	0.241**	−0.574**	1	0.084**	−0.537**	0.022	−0.089**	−0.100**	0.042
(22) Segment	−0.01	0.323**	−0.055	−0.165**	0.03	−0.056	0.084**	1	−0.118**	0.227**	−0.245**	−0.099**	0.283**
(23) ALTZ	0.486**	0.181**	0.202**	0.164**	−0.187**	0.864**	−0.537**	−0.118**	1	−0.012	0.579**	0.090**	−0.082**
(24) LnAge	−0.019	0.032	−0.033	0.065*	−0.039	−0.046	0.022	0.227**	−0.012	1	−0.090**	−0.029	−0.063
(25) Aturn	0.175**	−0.011	0.150**	0.196**	0.103**	0.262**	−0.089**	−0.245**	0.579**	−0.090**	1	0.114**	−0.081**
(26) FogFS	0.075*	−0.099**	0.05	−0.023	−0.018	0.045	−0.100**	−0.099**	0.090**	−0.029	0.114**	1	−0.015
(27) FC	0.002	0.265**	−0.069*	−0.069*	0.026	−0.034	0.042	0.283**	−0.082**	−0.063	−0.081**	−0.015	1

Note(s): The table summarizes the Pearson correlation coefficients between all pairs of variables involved in the study, offering insights into the relationships and potential multicollinearity among them. Correlation significance is indicated with asterisks (***p < 0.01, **p < 0.05, *p < 0.1). See the Appendix for variable definitions

Source(s): Authors’ own work

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