TABLE 2.

Descriptive statistics and correlation matrix.

(A) Descriptive statistics
Variable	Obs	Mean	SD	Min	P25	Median	P75	Max
Restatement	32,389	0.043	0.202	0.000	0.000	0.000	0.000	1.000
LAF	32,389	13.546	0.729	12.206	13.039	13.459	13.911	16.167
SEASONED	32,389	0.219	0.413	0.000	0.000	0.000	0.000	1.000
UNSEASONED	32,389	0.012	0.110	0.000	0.000	0.000	0.000	1.000
SIZE	32,389	21.830	1.296	19.027	20.907	21.692	22.584	25.768
LEV	32,389	0.457	0.228	0.051	0.283	0.449	0.613	1.249
ROA	32,389	0.034	0.071	−0.342	0.013	0.035	0.065	0.205
CFO	32,389	0.044	0.077	−0.203	0.004	0.044	0.088	0.260
AGE	32,389	10.003	6.527	0.000	4.000	9.000	15.000	25.000
SOE	32,389	0.427	0.495	0.000	0.000	0.000	1.000	1.000
TENURE	32,389	4.225	3.187	1.000	2.000	3.000	6.000	16.000
IBig4	32,389	0.055	0.229	0.000	0.000	0.000	0.000	1.000
(B) Correlation matrix
Variable	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)
(1) Restatement	1
(2) LAF	−0.084***	1
(3) SEASONED	−0.060***	0.121***	1
(4) UNSEASONED	0.013**	−0.017***	−0.059***	1
(5) SIZE	−0.066***	0.751***	0.043***	0.004	1
(6) LEV	0.099***	0.186***	−0.090***	−0.001	0.276***	1
(7) ROA	−0.114***	0.027***	0.058***	0.006	0.079***	−0.422***	1
(8) CFO	−0.046***	0.048***	0.020***	0.005	0.065***	−0.159***	0.331***	1
(9) AGE	−0.002	0.274***	−0.038***	−0.003	0.309***	0.324***	−0.181***	−0.054***	1
(10) SOE	0.029***	0.129***	−0.129***	0.010*	0.286***	0.236***	−0.073***	0.047***	0.339***	1
(11) Tenure	−0.034***	0.187***	−0.017***	−0.104***	0.197***	0.085***	−0.067***	0.019***	0.363***	0.085***	1
(12) IBig4	−0.025***	0.433***	−0.099***	−0.018***	0.330***	0.055***	0.054***	0.085***	0.054***	0.136***	0.063***	1

***, ** and * denote significance at the 1%, 5%, and 10% level, respectively.