Table 3 Pairwise correlations Variables...

Table 3

Pairwise correlations

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)
(1) lnAudfees	1.000
(2) lnAudF2Sales	−0.006	1.000
(3) CDSTrade	0.187^***	0.001	1.000
(4) WSPTB	0.036^***	0.006	0.019	1.000
(5) lnTA	0.809^***	−0.425^***	0.143^***	0.012	1.000
(6) ROA	0.005	−0.026^**	−0.005	0.041^***	0.012	1.000
(7) InvRec2TA	−0.175^***	−0.123^***	−0.048^***	0.008	−0.346^***	0.000	1.000
(8) FS2TSales	−0.052^***	0.164^***	0.077^***	−0.002	−0.072^***	−0.018	−0.040^***	1.000
(9) STCredMon	−0.384^***	0.060^***	−0.075^***	−0.026^**	−0.406^***	−0.012	0.261^***	0.080^***	1.000
(10) Lev	0.145^***	−0.021	0.023^*	−0.001	0.086^***	−0.184^***	−0.080^***	−0.007	−0.072^***	1.000
(11) OCF2TA	0.029^**	−0.053^***	−0.051^***	0.029^**	0.053^***	0.017	0.018	−0.045^***	−0.112^***	0.006	1.000
(12) big_5	0.416^***	−0.099^***	0.047^***	0.030^**	0.366^***	0.014	−0.040^***	−0.007	−0.201^***	−0.011	−0.005	1.000
(13) economyclass	0.245^***	0.293^***	0.086^***	0.018	0.035^***	−0.014	−0.028^**	0.010	−0.165^***	0.000	−0.005	0.220^***	1.000

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)
(1) lnAudfees	1.000
(2) lnAudF2Sales	−0.006	1.000
(3) CDSTrade	0.187^***	0.001	1.000
(4) WSPTB	0.036^***	0.006	0.019	1.000
(5) lnTA	0.809^***	−0.425^***	0.143^***	0.012	1.000
(6) ROA	0.005	−0.026^**	−0.005	0.041^***	0.012	1.000
(7) InvRec2TA	−0.175^***	−0.123^***	−0.048^***	0.008	−0.346^***	0.000	1.000
(8) FS2TSales	−0.052^***	0.164^***	0.077^***	−0.002	−0.072^***	−0.018	−0.040^***	1.000
(9) STCredMon	−0.384^***	0.060^***	−0.075^***	−0.026^**	−0.406^***	−0.012	0.261^***	0.080^***	1.000
(10) Lev	0.145^***	−0.021	0.023^*	−0.001	0.086^***	−0.184^***	−0.080^***	−0.007	−0.072^***	1.000
(11) OCF2TA	0.029^**	−0.053^***	−0.051^***	0.029^**	0.053^***	0.017	0.018	−0.045^***	−0.112^***	0.006	1.000
(12) big_5	0.416^***	−0.099^***	0.047^***	0.030^**	0.366^***	0.014	−0.040^***	−0.007	−0.201^***	−0.011	−0.005	1.000
(13) economyclass	0.245^***	0.293^***	0.086^***	0.018	0.035^***	−0.014	−0.028^**	0.010	−0.165^***	0.000	−0.005	0.220^***	1.000

Note(s): [1%], [5%], and [10%] significance levels are denoted by [^***], [^**], and [^*], respectively. Variable names are as defined in Table 1

Source(s): By Author based on data taken from World scope, Markit, and World Bank

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