Regression results (for H1: audit fee and proximity)
| Variables | Model-1 | Model-2 |
|---|---|---|
| Audit fee | Audit fee | |
| lnProx KM | 0.007** (0.004) | |
| lnProx min | 0.003** (0.001) | |
| Chair gen | −0.339** (0.167) | −0.336** (0.167) |
| FD ratio | 0.536** (0.239) | 0.526** (0.239) |
| lnAC size | 0.196 (0.121) | 0.188 (0.121) |
| lnARL | −0.239** (0.099) | −0.244** (0.099) |
| lnFirm age | −0.211*** (0.080) | −0.218*** (0.080) |
| Audit ten | 0.023 (0.043) | 0.021 (0.043) |
| lnFirm size | 0.264*** (0.030) | 0.265*** (0.030) |
| ROA | 1.117 (0.829) | 1.127 (0.829) |
| YearEndDec31 | −0.796*** (0.224) | −0.795*** (0.224) |
| BIG4 | 0.160** (0.070) | 0.158** (0.071) |
| IDR | −0.141 (0.358) | −0.138 (0.358) |
| Constant | 4.536*** (0.873) | 4.594*** (0.874) |
| Observations | 469 | 469 |
| Adjusted R-squared | 0.475 | 0.475 |
| YearFE | Yes | Yes |
| IndustryFE | Yes | Yes |
| Prob>F | 0.000 | 0.000 |
| Variables | Model-1 | Model-2 |
|---|---|---|
| Audit fee | Audit fee | |
| lnProx KM | 0.007 | |
| lnProx min | 0.003 | |
| Chair gen | −0.339 | −0.336 |
| FD ratio | 0.536 | 0.526 |
| lnAC size | 0.196 (0.121) | 0.188 (0.121) |
| lnARL | −0.239 | −0.244 |
| lnFirm age | −0.211 | −0.218 |
| Audit ten | 0.023 (0.043) | 0.021 (0.043) |
| lnFirm size | 0.264 | 0.265 |
| ROA | 1.117 (0.829) | 1.127 (0.829) |
| YearEndDec31 | −0.796 | −0.795 |
| BIG4 | 0.160 | 0.158 |
| IDR | −0.141 (0.358) | −0.138 (0.358) |
| Constant | 4.536 | 4.594 |
| Observations | 469 | 469 |
| Adjusted | 0.475 | 0.475 |
| YearFE | Yes | Yes |
| IndustryFE | Yes | Yes |
| Prob>F | 0.000 | 0.000 |
***p < 0.01; **p < 0.05; *p < 0.1 (Standard errors in parentheses)
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