Future Business Journal

Table 10 Correlation matrix among variables in Eq. (9)

From: Corporate governance, external financing, and earnings management: new evidence from an emerging market

	CGS	AEM	REM	BIG4	ROA	SIZE	DEBR	SALESGR
CGS	1
AEM	− 0.0789	1
REM	− 0.0013	− 0.0552	1
BIG4	0.0600	− 0.0180	− 0.0843	1
ROA	0.0359	− 0.0474	0.0908	− 0.0228	1
SIZE	0.0928	0.0394	− 0.1304	0.2064	− 0.0349	1
DEBR	− 0.0201	0.0428	− 0.0941	0.0012	− 0.4452	0.2874	1
SALESGR	− 0.0474	0.3998	− 0.0848	− 0.0167	− 0.0099	0.0278	0.0596	1

This table presents the pairwise correlation coefficients among variables in Eq. (9): AEM_it /REM_it = α + β₁CGS_it + β₂BIG4_it + β₃ROA_it + β₄SIZE_it + β₅DEBR_it + β₆SALESGR_it + e_it

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