Future Business Journal

Table 15 Correlation matrix among variables in Eq. (13)

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

	TQ	CGS	EFN	DEBR	PROF	SIZE	BIG4
TQ	1
CGS	0.0834	1
EFN	− 0.1161	− 0.1185	1
DEBR	− 0.244	− 0.0201	0.2178	1
PROF	0.1607	0.0012	0.0037	− 0.1687	1
SIZE	0.1212	0.0928	0.0542	0.2874	0.0526	1
BIG4	− 0.0137	0.06	− 0.0099	0.0012	− 0.0251	0.2064	1

This table presents the pairwise correlation coefficients among variables in Eq. (13): TQ_it = β₀ + β₁CGS_it + β₂EFN_it + β₃EFN*CGS_it + β₄SIZE_it + β₅PROF_it + β₆DEBR_it + β₇BIG4_it + e_it

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