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Financial Innovation

Table 3 Correlation matrix

From: Tax avoidance and earnings management: a neural network approach for the largest European economies

 

GAAP_ETR

CASH_ETR

BTD

ACCRUALS

SIZE

LEV

CAPINT

INVINT

ROA

STR

Growth

GAAP_ETR

1

  

−0.05286

−0.0133

0.11733

−0.0178

0.02871

−0.143

0.22539

−0.10466

   

(0.000)

(0.127)

(0.000)

(0.041)

(0.001)

(0.000)

(0.000)

(0.000)

CASH_ETR

 

1

 

−0.07344

0.08714

0.06182

−0.0339

0.01206

−0.1474

0.15775

−0.10731

   

(0.000)

(0.000)

(0.000)

(0.000)

(0.167)

(0.000)

(0.000)

(0.000)

BTD

  

1

0.03867

−0.0446

0.196

0.00115

0.02013

−0.543

−0.0443

−0.02305

   

(0.000)

(0.000)

(0.000)

(0.895)

(0.021)

(0.000)

(0.000)

(0.008)

ACCRUALS

   

1

−0.1669

−0.0861

0.58959

−0.0642

−0.0676

−0.0499

0.02439

    

(0.000)

(0.000)

(0.000)

(0.000)

(0.000)

(0.000)

(0.005)

SIZE

    

1

0.30741

−0.1793

0.18976

−0.0678

0.04673

−0.01744

     

(0.000)

(0.000)

(0.000)

(0.000)

(0.000)

(0.045)

LEV

     

1

−0.1681

0.01245

−0.0386

0.07832

−0.04272

      

(0.000)

(0.153)

(0.000)

(0.000)

(0.000)

ROA

      

1

−0.108

−0.0352

−0.087

0.04871

       

(0.000)

(0.000)

(0.000)

(0.000)

CAPINT

       

1

−0.0699

−0.0666

−0.01999

        

(0.000)

(0.000)

(0.022)

INVINT

        

1

0.02901

0.02865

         

(0.001)

(0.001)

STR

         

1

−0.17178

          

(0.000)

GROWTH

          

1

  1. Owing to the differences among the samples corresponding to the three dependent variables, the table only includes the correlations among the explanatory variables for the GAAP_ETR case. All variables are defined in the Appendix. Significance levels for the correlation coefficients, in parentheses
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