EARNt + 1 and CFOt are signifi cantly positively correlated. The correlation between EARNt + 1 and ACCt are also positive, but insignificant. More interestingly, EARNt + 1 and NOAt are significantly positively correlated, suggesting that a fi rm with
EARNt + 1 and CFOt are signifi cantly positively correlated. The correlation between EARNt + 1 and ACCt are also positive, but insignificant. More interestingly, EARNt + 1 and NOAt are significantlypositively correlated, suggesting that a fi rm with