Table 1: Raw information asymmetry correlation coefficient.

ASYILLTURNDACEBIT

ASY1.0000
ILL0.6575***1.0000
TURN−0.8542***−0.2219***1.0000
DAC0.00320.02200.02361.0000
EBIT0.2557***−0.1572***−0.1889***0.02531.0000

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