Table 4: Correlations

Variables Logfee DCSR EQ size Lev ROA rec inv SOEs Lloss opinion Lauditor growth logage
Logfee 1
DCSR 0.1251*** 1
***
EQ 0.0710 0.0048 1
*** ***
size 0.6419 0.1625 -0.0769*** 1
lev 0.2023*** 0.0882*** 0.0707*** 0.4109*** 1
*** *** ***
ROA 0.0469 0.0883 0.0036 0.0888 -0.1203*** 1
rec -0.0196* -0.0491*** -0.0138 -0.0966*** -0.2552*** 0.0208* 1
*** *** *** *** *** **
inv 0.0625 0.0405 0.0361 0.1614 0.0792 -0.0298 -0.0774*** 1
*** *** *** *** *** ***
SOE 0.0803 -0.0033 -0.0648 0.2433 0.1799 -0.1006 -0.1206 -0.0461*** 1
*** *** *** *** *** ***
Lloss -0.0736 -0.0812 0.0179 -0.1618 0.016 -0.2121 -0.047 -0.0464 0.0349*** 1
*** *** *** *** *** *** *** *** **
opinion -0.111 -0.0830 0.0694 -0.2902 -0.0516 -0.2885 -0.0689 -0.0941 -0.0244 0.2786*** 1
*** *** *** *** *** *** ** ***
Lauditor 0.1912 -0.0264 -0.0382 0.1233 0.0089 0.0516 0.0676 0.0098 -0.0249 -0.0559 -0.0497*** 1
*** *** *** *** *** ** ***
growth 0.0187 0.0055 0.1084 0.0697 0.0553 0.1692 -0.0060 0.069 -0.0234 0.0702 -0.0183 -0.0103 1
*** *** *** *** *** *** *** *** *** *** ***
logage 0.0904 -0.0313 -0.0004 0.1016 0.2054 -0.1511 -0.2429 0.1091 0.3418 0.1522 0.1308 -0.1035 0.0435*** 1
***,**,*
Indicate statistical significance at the 0.01, 0.05,0.1 levels, respectively, based on a two-tailed test.