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

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Table 12 Correlation matrix among variables in Eqs. (10) and (11)

	DEBF	EQUIF	XFIN	CG	SIZE	ROA	MBR	DEBR	TEMR	TEMA	TEMAR
DEBF	1.0000
EQUIF	0.0385	1.0000
XFIN	0.8210	0.6022	1.0000
CG	− 0.0736	− 0.0965	− 0.1139	1.0000
SIZE	0.0888	0.1223	0.1408	0.0928	1.0000
ROA	− 0.0280	− 0.5254	− 0.3226	0.0359	− 0.0349	1.0000
MBR	0.0355	− 0.3461	− 0.1694	0.0704	0.1626	0.5194	1.0000
DEBR	0.1785	0.2779	0.3014	− 0.0201	0.2874	− 0.4452	− 0.2073	1.0000
TEMR	0.1049	− 0.1087	0.0217	− 0.0139	− 0.2099	0.2316	0.1590	− 0.1375	1.0000
TEMA	0.3326	0.0927	0.3187	− 0.0158	0.0386	− 0.0124	− 0.0394	0.0534	0.0444	1.0000
TEMAR	0.2294	− 0.0556	0.1515	0.0012	− 0.1026	0.1741	0.1016	− 0.0802	0.5919	0.5919	1.0000

This table presents the pairwise correlation coefficients among variables in Eq. (10): TEMAR_it = a₀ + a₁ROA_it + a₂DEBR_it + a₃SIZE_it + a₄MBR_it + e_it and Eq. (11): TEMA_it /TEMR_it = β₀ + β₁XFIN_it + β₂CGS_it + β₃XFIN_it*CGS_it + β₄IMR_it + e_it