The 13 dependent variables were analyzed utilizing Principle-Components Analysis with Varimax Rotation. Four factors were extracted which had Eigenvalues greater than one. The rotated factor matrix is presented in Table II. (Table II omitted) The four factors, taken together, account for approximately 62% of the variance of the 13 dependent variables. All of the dependent variables load highly (have large correlations) on one of the four factors. All of the large correlations are positive, indicating the factors have the same directionality as the original variables (i.e., large values indicate an ethical rating and small values indicate an unethical rating). Furthermore, the factors seem to represent dimensions discussed by Bruns and Merchant. The first two factors (ACCMANIP and INVMANIP) load highly on variables that Bruns and Merchant called accounting related while the second two factors (OPEREXP and OPERREV) load on variables that they called manipulation of operating decisions. With respect to the accounting manipulation factors, INVMANIP loaded highly on all inventory change variables, while ACCMANIP loaded highly on all other variables that could be interpreted as different forms of accounting manipulation. For the operating manipulation factors, OPEREXP loaded highly on those operating decisions that changed expenses, while OPERREV loaded highly on those operating decisions that changed revenues. In this regard, there was one slightly anomalous finding. Variable #1, Paint ahead of schedule, loaded moderately more highly on OPERREV than on OPEREXP, even though it involves manipulation of an expense. However, it has a substantial loading on OPEREXP and it was therefore classified with that factor.