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Future Business Journal

Table 7 Pairwise correlation matrix

From: Board of directors and earnings manipulation: evidence from regulatory change

Variables

MCDA

REM

DISERM

RCFO

P_RM

BIND

BEXP

BDIV

FD

BMEET

BSIZE

ACIND

ACEXP

BIG4

ROA

LEVE

FAGE

TANG

FSIZE

LOSS(D)

CEOD

CFO

SALES

INV

MCDA

1

                       

REM

−0.06*

1

                      

DIS_ERM

−0.00

0.25*

1

                     

RCFO

−0.25*

0.73*

−0.00

1

                    

P_RM

0.04

0.82*

0.00

0.58*

1

                   

BIND

0.01

−0.09*

0.01

−0.06*

−0.12*

1

                  

BEXP

−0.03

−0.11*

−0.00

−0.06*

−0.11*

0.19*

1

                 

BDIV

−0.00

0.06*

0.02

0.06*

0.03

−.04*

−.17*

1

                

FD

0.00

0.11*

−0.00

0.07*

0.14*

−.19*

−0.00

0.24*

1

               

BMEET

0.02

−0.02

−0.03

−0.03

0.01

0.11*

−.09*

0.03

−.07*

1

              

BSIZE

−0.00

−0.13*

−0.03

−0.07*

−0.10*

0.04*

−0.01

−.09*

−.20*

0.09*

1

             

ACIND

0.04

−0.11*

−0.00

−0.11*

−0.08*

0.56*

0.07*

−.05*

−.12*

0.09*

0.06*

1

            

ACEXP

−0.00

−0.12*

0.03

−0.08*

−0.10*

0.16*

0.67*

−.18*

−.00

−0.08*

0.13*

0.06*

1

           

BIG4

−0.03

−0.25*

−0.05*

−0.11*

−0.26*

0.14*

0.28*

−.16*

−.25*

0.04

0.26*

0.09*

0.24*

1

          

ROA

−0.06*

−0.47*

−0.07*

−0.28*

−0.57*

0.07*

0.20*

−.12*

−.14*

0.02

0.20*

0.08*

0.15*

0.41*

1

         

LEVE

0.01

0.19*

0.00

0.0*

0.29*

0.00

−.15*

0.06*

−0.03

0.03

−0.09*

−0.01

−0.13*

−.21*

−.50*

1

        

FAGE

0.00

−0.05*

−0.01

−0.02

−0.07*

0.06*

0.10*

−.08*

−0.02

0.02

0.14*

0.08*

0.09*

0.07*

0.07*

−.13*

1

       

TANG

−0.05

0.10*

−0.07*

0.08*

0.15*

−0.03

−.17*

0.15*

0.16*

−0.04*

−0.15*

−0.01

−0.16*

−.24*

−.41*

0.26*

−0.10*

1

      

FSIZE

−0.00

−0.34*

−0.16*

−0.19*

−0.17*

0.10*

0.24*

−.23*

−.20*

0.15*

0.27*

0.12*

0.21*

0.44*

0.35*

−.043

0.08*

−0.16*

1

     

LOSS(D)

0.033

0.365*

0.06*

0.22*

0.38*

−0.01

−.15*

0.05*

−0.01

−0.04

−0.15*

−0.04

−0.12*

−.29*

−.64*

0.39*

−0.04*

0.32*

−0.33*

1

    

CEOD

−0.00

0.02

−0.00

0.02

0.03

−.06*

−0.00

0.07*

0.07*

−0.00

−0.06*

−0.10*

−0.01

−.07*

−.05*

0.00

−0.00

0.06*

−0.06*

0.03

1

   

CFO

−.239*

−0.02

0.11*

0.07*

−0.02

−0.00

−0.01

−0.00

0.00

−0.01

0.01

−0.01

0.00

0.03

0.04

−0.00

−0.02

0.03

0.04

−0.01

−0.00

1

  

SALES

0.005

0.02

−0.03

0.02

−0.01

−0.04

0.08*

−0.02

−0.04

−0.00

0.09*

−0.05*

0.08*

0.14*

0.21*

0.01

0.03

−0.13*

0.11*

−0.17*

0.00

−.00

1

 

INV

0.100*

0.06*

−0.04*

0.02

0.06*

−.07*

0.02

−0.03

0.01

−0.05*

0.07*

−0.04*

0.07*

0.06*

0.09*

0.03

0.08*

−0.18*

0.00

−0.12*

−0.02

−.02

0.73*

1

  1. *Shows significance at the 0.05 level
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