Table 3 Pearson correlation Var.... | Emerald Publishing

Table 3

Pearson correlation

Var.	Bias_Sales	Bias_NI	Bias_CF	Bias_ CAPEX	PFR	SIZE	LEV	ROA	MTB	Beta	VOL	Foreign	Block holder	DA	Big4
Bias_Sales	1
Bias_NI	0.2186*	1
Bias_CF	0.2609*	0.9263*	1
Bias_CAPEX	0.1049*	0.1893*	0.3339*	1
PFR	−0.0327	−0.1652*	−0.1689*	−0.1127*	1
SIZE	0.0168	0.0405*	0.0425*	0.0173	−0.1658*	1
LEV	−0.2267*	0.3532*	0.3060*	0.0386	−0.3917*	0.3484*	1
ROA	−0.2044*	−0.9665*	−0.8879*	−0.1355*	0.1477*	−0.0091	−0.3474*	1
MTB	0.0162	−0.2358*	−0.2313*	−0.2063*	0.2532*	−0.3660*	−0.3761*	0.1933*	1
Beta	0.0745*	0.1534*	0.1484*	0.0214	−0.0635*	0.0385*	0.1012*	−0.1637*	0.0266	1
VOL	0.029	0.1123*	0.0688*	−0.0182	−0.0579*	−0.2888*	0.0548*	−0.1505*	0.2538*	0.4822*	1
Foreign	−0.0551*	−0.2510*	−0.2400*	−0.0323	0.0722*	0.5146*	−0.0933*	0.2524*	0.0306	−0.1173*	−0.2884*	1
Blockholder	−0.0857*	−0.003	0.0109	0.0810*	−0.0959*	0.0393*	−0.0181	0.0228	−0.1586*	−0.1435*	−0.0916*	−0.2188*	1
DA	0.0739*	0.1780*	0.2067*	0.0476*	−0.0560*	0.0346	0.1102*	−0.1516*	−0.1068*	0.0399*	0.031	−0.1108*	−0.0098	1
Big4	−0.0638*	0.0274	0.032	0.0585*	−0.0387*	0.4542*	0.1583*	−0.0107	−0.1720*	−0.0726*	−0.2156*	0.2942*	0.1322*	−0.0002	1
Market	0.0701*	−0.0844*	−0.1146*	−0.0842*	0.1815*	−0.6497*	−0.2577*	0.0575*	0.3261*	0.0146	0.2677*	−0.3338*	−0.1843*	−0.0386*	−0.4144*

Var.	Bias_Sales	Bias_NI	Bias_CF	Bias_ CAPEX	PFR	SIZE	LEV	ROA	MTB	Beta	VOL	Foreign	Block holder	DA	Big4
Bias_Sales	1
Bias_NI	0.2186*	1
Bias_CF	0.2609*	0.9263*	1
Bias_CAPEX	0.1049*	0.1893*	0.3339*	1
PFR	−0.0327	−0.1652*	−0.1689*	−0.1127*	1
SIZE	0.0168	0.0405*	0.0425*	0.0173	−0.1658*	1
LEV	−0.2267*	0.3532*	0.3060*	0.0386	−0.3917*	0.3484*	1
ROA	−0.2044*	−0.9665*	−0.8879*	−0.1355*	0.1477*	−0.0091	−0.3474*	1
MTB	0.0162	−0.2358*	−0.2313*	−0.2063*	0.2532*	−0.3660*	−0.3761*	0.1933*	1
Beta	0.0745*	0.1534*	0.1484*	0.0214	−0.0635*	0.0385*	0.1012*	−0.1637*	0.0266	1
VOL	0.029	0.1123*	0.0688*	−0.0182	−0.0579*	−0.2888*	0.0548*	−0.1505*	0.2538*	0.4822*	1
Foreign	−0.0551*	−0.2510*	−0.2400*	−0.0323	0.0722*	0.5146*	−0.0933*	0.2524*	0.0306	−0.1173*	−0.2884*	1
Blockholder	−0.0857*	−0.003	0.0109	0.0810*	−0.0959*	0.0393*	−0.0181	0.0228	−0.1586*	−0.1435*	−0.0916*	−0.2188*	1
DA	0.0739*	0.1780*	0.2067*	0.0476*	−0.0560*	0.0346	0.1102*	−0.1516*	−0.1068*	0.0399*	0.031	−0.1108*	−0.0098	1
Big4	−0.0638*	0.0274	0.032	0.0585*	−0.0387*	0.4542*	0.1583*	−0.0107	−0.1720*	−0.0726*	−0.2156*	0.2942*	0.1322*	−0.0002	1
Market	0.0701*	−0.0844*	−0.1146*	−0.0842*	0.1815*	−0.6497*	−0.2577*	0.0575*	0.3261*	0.0146	0.2677*	−0.3338*	−0.1843*	−0.0386*	−0.4144*

Note(s): This table shows the Pearson correlation coefficients between variables. * indicates statistical significance at the 5% or less significance level

Source(s): The authors