Audit Committee Disclosure Tone and Corporate Violations in China: Textual Analysis

Table 4

Pearson correlation of VIOLN.

	VIOLN	TONE	SIZE	LEV	ROA	GROW	TOP1	DUAL	INDI	BOARDN	BIG10	TURN	SOE
VIOLN	1
TONE	−0.032	1
SIZE	−0.080	−0.085	1
LEV	0.098	−0.044	0.446	1
ROA	−0.173	0.025	−0.012	−0.437	1
GROW	−0.040	0.005	0.056	0.014	0.240	1
TOP1	−0.153	−0.061	0.233	−0.025	0.171	−0.015	1
DUAL	0.024	0.015	−0.193	−0.147	0.111	0.014	−0.029	1
INDI	−0.005	−0.066	0.046	0.035	−0.021	0.003	0.043	0.083	1
BOARDN	0.019	0.033	0.164	0.090	−0.035	−0.037	0.004	−0.147	−0.542	1
BIG10	−0.055	−0.051	0.120	−0.001	0.058	−0.012	0.119	0.012	0.008	0.028	1
TURN	0.015	0.039	−0.356	−0.166	0.070	−0.002	−0.039	0.160	0.000	−0.060	0.010	1
SOE	−0.083	−0.082	0.330	0.251	−0.165	−0.068	0.231	−0.289	−0.009	0.160	0.013	−0.220	1

Notes: , , and indicate statistically significant at the 10%, 5%, and 1% levels, respectively (two-tailed).