Table III Cross-correlation matrix S.N.... | Emerald Publishing

Table III

Cross-correlation matrix

S.N.	Variable	1	2	3	4	5	6	7	8	9	10	11	12	13	14
1	Board ind. (%)	1.00
2	Board diligence (%)	0.04	1.00
3	AC ind. (%)	0.51*	0.14*	1.00
4	AC diligence (%)	−0.01*	0.57*	0.08*	1.00
5	Board size	−0.15	−0.05	0.03	0.24	1.00
6	Board activity	−0.01	−0.19	0.03	−0.03	0.04	1.00
7	Board busyness	0.01	0.08*	0.01	0.05*	0.02	−0.16	1.00
8	AC size	0.05*	−0.02	−0.20*	0.04*	0.34	−0.02	−0.06*	1.00
9	Firm age	0.03	0.06*	0.08*	0.15	0.05	−0.07*	0.12	−0.03	1.00
10	Leverage	0.15*	−0.04	0.05*	0.00*	0.02	0.00	−0.04	0.00	−0.07*	1.00
11	Market-to-book value	−0.02	0.07*	0.07*	0.05	0.08	−0.01	0.01	−0.03	0.02	−0.09	1.00
12	Total assets	−0.06	0.07*	0.06*	0.31	0.31	0.24	−0.05*	0.05	0.03	−0.01	0.04*	1.00
13	Profitability	0.05	0.05	0.06	0.31	0.06	0.04	−0.15	0.08	−0.11	0.41	0.04*	0.03*	1.00
14	Absolute ΔEPS	0.00	0.07	0.01	−0.02	0.02	0.00	−0.02	−0.01	0.06	−0.03	0.21*	0.04	0.02	1.00

S.N.	Variable	1	2	3	4	5	6	7	8	9	10	11	12	13	14
1	Board ind. (%)	1.00
2	Board diligence (%)	0.04	1.00
3	AC ind. (%)	0.51*	0.14*	1.00
4	AC diligence (%)	−0.01*	0.57*	0.08*	1.00
5	Board size	−0.15	−0.05	0.03	0.24	1.00
6	Board activity	−0.01	−0.19	0.03	−0.03	0.04	1.00
7	Board busyness	0.01	0.08*	0.01	0.05*	0.02	−0.16	1.00
8	AC size	0.05*	−0.02	−0.20*	0.04*	0.34	−0.02	−0.06*	1.00
9	Firm age	0.03	0.06*	0.08*	0.15	0.05	−0.07*	0.12	−0.03	1.00
10	Leverage	0.15*	−0.04	0.05*	0.00*	0.02	0.00	−0.04	0.00	−0.07*	1.00
11	Market-to-book value	−0.02	0.07*	0.07*	0.05	0.08	−0.01	0.01	−0.03	0.02	−0.09	1.00
12	Total assets	−0.06	0.07*	0.06*	0.31	0.31	0.24	−0.05*	0.05	0.03	−0.01	0.04*	1.00
13	Profitability	0.05	0.05	0.06	0.31	0.06	0.04	−0.15	0.08	−0.11	0.41	0.04*	0.03*	1.00
14	Absolute ΔEPS	0.00	0.07	0.01	−0.02	0.02	0.00	−0.02	−0.01	0.06	−0.03	0.21*	0.04	0.02	1.00

Note: *Significant at 5 per cent significance level