Table 2 Correlations matrix (OBS =... | Emerald Publishing

Table 2

Correlations matrix

(OBS = 3,190)
	CAR	EP	IC	SIZE	ROA	LEV	GROWTH	BETA	BIG4	BOARD	INDEP
EP	0.173^***
IC	0.056^***	0.184^***
SIZE	0.090^***	0.0150	0.245^***
ROA	0.149^***	0.427^***	0.324^***	−0.0130
LEV	0.037^**	−0.034^**	0.0170	0.502^***	−0.358^***
GROWTH	0.114^***	0.339^***	0.268^***	0.043^***	0.331^***	0.058^***
BETA	0.0010	0.029^*	0.115^***	−0.089^***	0.154^***	−0.092^***	0.047^***
BIG4	0.030^*	−0.034^**	0.152^***	0.352^***	0.0110	0.085^***	−0.0120	−0.047^***
BOARD	0.0070	0.0070	0.065^***	0.263^***	−0.0110	0.090^***	−0.0090	−0.067^***	0.060^***
INDEP	0.0260	−0.0040	0.0090	0.070^***	−0.0080	0.044^***	−0.030^*	0.0220	0.083^***	−0.522^***
FIRMAGE	−0.0160	−0.0250	−0.058^***	0.112^***	−0.136^***	0.149^***	−0.108^***	−0.124^***	−0.0140	0.126^***	−0.050^***

(OBS = 3,190)
	CAR	EP	IC	SIZE	ROA	LEV	GROWTH	BETA	BIG4	BOARD	INDEP
EP	0.173^***
IC	0.056^***	0.184^***
SIZE	0.090^***	0.0150	0.245^***
ROA	0.149^***	0.427^***	0.324^***	−0.0130
LEV	0.037^**	−0.034^**	0.0170	0.502^***	−0.358^***
GROWTH	0.114^***	0.339^***	0.268^***	0.043^***	0.331^***	0.058^***
BETA	0.0010	0.029^*	0.115^***	−0.089^***	0.154^***	−0.092^***	0.047^***
BIG4	0.030^*	−0.034^**	0.152^***	0.352^***	0.0110	0.085^***	−0.0120	−0.047^***
BOARD	0.0070	0.0070	0.065^***	0.263^***	−0.0110	0.090^***	−0.0090	−0.067^***	0.060^***
INDEP	0.0260	−0.0040	0.0090	0.070^***	−0.0080	0.044^***	−0.030^*	0.0220	0.083^***	−0.522^***
FIRMAGE	−0.0160	−0.0250	−0.058^***	0.112^***	−0.136^***	0.149^***	−0.108^***	−0.124^***	−0.0140	0.126^***	−0.050^***

Note(s): ^***p < 0.01, ^**p < 0.05, ^*p < 0.1

Source(s): Authors' own work