Multiple large shareholders and corporate fraud: evidence from China

Frontiers of Business Research in China

Table. 4 Pearson correlations and Spearman correlations

	Fraud	Fre	Multi	Size	Lev	Roa	Lnboard	Big10	Ana	Dual	Turnover	Scfc
Fraud	1	0.996***	−0.023***	−0.047***	0.076***	−0.129***	−0.004	−0.042***	−0.087***	0.010	0.090***	0.018**
Fre	0.807***	1	−0.023***	−0.048***	0.079***	−0.133***	− 0.004	−0.042***	− 0.091***	0.011*	0.090***	0.019***
Multi	−0.023***	−0.022***	1	−0.049***	− 0.100***	0.086***	0.037***	0.018***	0.080***	0.033***	−0.114***	−0.036***
Size	−0.058***	−0.058***	− 0.004	1	0.505***	−0.111***	0.269***	0.111***	0.349***	−0.196***	−0.315***	0.024***
Lev	0.078***	0.085***	−0.095***	0.495***	1	−0.452***	0.176***	0.022***	−0.050***	−0.168***	− 0.066***	0.085***
Roa	−0.123***	−0.131***	0.065***	−0.019***	− 0.387***	1	− 0.030***	0.023***	0.404***	0.086***	−0.112***	−0.032
Lnboard	−0.010	−0.015**	0.039***	0.319***	0.192***	0.005	1	0.031***	0.136***	−0.188***	−0.127***	0.045**
Big10	−0.042***	−0.041***	0.018***	0.145***	0.024***	0.033***	0.042***	1	0.076***	0.013**	−0.059***	−0.017***
Ana	−0.087***	−0.099***	0.080***	0.377***	−0.056***	0.363***	0.150***	0.077***	1	0.018***	−0.161***	−0.012***
Dual	0.010	0.012*	0.033***	−0.184***	−0.167***	0.055***	−0.179***	0.013**	0.017***	1	0.056***	−0.046***
Turnover	0.080***	0.083***	−0.106***	−0.282***	− 0.056***	−0.133***	− 0.128***	−0.045***	− 0.169***	0.052***	1	0.006
Scfc	0.017**	0.019***	−0.048***	0.024***	0.090***	−0.040***	0.055***	−0.018***	−0.023***	− 0.064***	0.003	1

Notes. *, **, **, denotes significance at the 10%, 5%, and 1% levels, respectively. The lower-left corner of this table shows the Pearson correlation coefficients, and its upper-right corner shows the Spearman correlation coefficients