| Variable | TSMS | Independent Director | Big Audit | Industry type | Profitability | Age | Firm Size |
| TSMS | 1.000 | ||||||
| Independent Director | 0.126 | 1.000 | |||||
| Big Audit | 0.264 | 0.161 | 1.000 | ||||
| Industry type | 0.127 | −0.143 | 0.072 | 1.000 | |||
| Profitability | 0.063 | 0.077 | 0.355 | −0.064 | 1.000 | ||
| Age | 0.039 | 0.078 | 0.199 | −0.078 | 0.102 | 1.000 | |
| Firm Size | 0.304 | 0.335 | 0.361 | 0.091 | 0.344 | 0.047 | 1.000 |