Variable

MA

Audit

Postaudit

ICQ

Lnasset

MA

1

0.048^***

0.052^***

0.142^***

−0.017^**

Audit

0.039^***

1

0.688^***

0.094^***

0.258^***

Postaudit

0.043^***

0.688^***

1

0.036^***

0.238^***

ICQ

0.113^***

0.103^***

0.040^***

1

0.177^***

Lnasset

−0.014^*

0.323^***

0.303^***

0.242^***

1

Lev

0.031^***

0.243^***

0.149^***

−0.035^***

0.458^***

Growth

0.039^***

0.013

0.013^*

0.005

0.019^**

Dual

−0.011

−0.218^***

−0.153^***

−0.030^***

−0.141^***

Balance

0.010

−0.207^***

−0.120^***

−0.044^***

−0.102^***

Boardsize

−0.003

0.227^***

0.154^***

0.086^***

0.217^***

Variable

Lev

Growth

Dual

Balance

Boardsize

MA

0.030^***

0.018^**

−0.013

−0.003

0

Audit

0.239^***

0.012

−0.218^***

−0.245^***

0.211^***

Postaudit

0.147^***

0.025^***

−0.153^***

−0.136^***

0.143^***

ICQ

0.001

0.012

−0.023^***

−0.044^***

0.081^***

Lnasset

0.457^***

0.020^**

−0.136^***

−0.118^***

0.185^***

Lev

1

0.028^***

−0.143^***

−0.179^***

0.147^***

Growth

0.082^***

1

0.005

0.030^***

−0.040^***

Dual

−0.142^***

−0.022^***

1

0.071^***

−0.188^***

Balance

−0.160^***

−0.005

0.041^***

1

0.008

Boardsize

0.153^***

−0.011

−0.177^***

0.013

1