Assurance and integrated reporting practices – probit regression
| 1 | 2 | 3 | 4 | 5 | 6 | |
|---|---|---|---|---|---|---|
| Panel A: Binary outcome model coefficients – baseline regression | ||||||
| BSIZE | 0.353*** (0.0968) | – | 1.032*** (0.211) | 0.370*** (0.118) | – | 0.966*** (0.241) |
| BINDP | 0.00186 (0.162) | – | −1.756 (4.389) | 0.0817 (0.175) | – | 1.724 (5.888) |
| BGDIV | 0.229 (0.148) | – | 0.183 (0.216) | 0.302* (0.162) | – | 0.224** (0.236) |
| BEXP | −0.172* (0.0946) | – | −0.878*** (0.189) | −0.223** (0.101) | – | 0.928*** (0.214) |
| ACSIZE | – | −3.101 (3.48) | −4.105 (3.221) | – | −2.744 (4.61) | 0.943*** (4.611) |
| ACINDP | – | 3.982–348 | 5.102–315.2 | – | 3.742–413.6 | 5.116*** −448.6 |
| ACEXP | – | −0.0187 (0.205) | 1.426 (470.3) | – | 0.0366 (0.22) | 1.481 (625.8) |
| ACMEET | – | – | – | −1.119 (1.207) | −4.581*** (1.481) | 3.023** (1.796) |
| FSIZE | – | – | – | −4.125 (3.547) | 4.354 (4.150) | 10.26* (5.479) |
| FAGE | – | – | – | 4.227*** (1.159) | 2.661* (1.373) | 3.134* (1.719) |
| LEV | – | – | – | 0.233* (3.122) | 0.428** (1.741) | 0.523* (1.622) |
| IND | – | – | – | 0.051** (3.531) | 0.642*** (1.122) | 0.121* (2.723) |
| Constant | −4.154*** (−0.694) | −7.607*** (−1.055) | −9.589*** (−1.429) | −5.326*** (−1.04) | −10.05*** (−1.646) | −13.23*** (−2.333) |
| Observations | 3010 | 3010 | 3010 | 3010 | 3010 | 3010 |
| Pseudo R-squared | 0.124 | 0.34 | 0.499 | 0.22 | 0.421 | 0.543 |
| Wald x2 | 26.18 | 71.65 | 105 | 46.39 | 88.7 | 114.4 |
| Prob > chi2 | 0 | 0 | 0 | 7.33E-08 | 0 | 0 |
| Panel B: Binary outcome model marginal effects (dy/dx) | ||||||
| BSIZE | 0.023*** (0.0066) | – | 0.040*** | 0.021*** (0.007) | – | 0.034*** |
| BINDP | 0.00011 (0.0103) | – | −0.068 | 0.005 (0.012) | – | −0.062 |
| BGDIV | 0.015 (0.011) | – | 0.007 | 0.017* (0.016) | – | 0.038** |
| BEXP | −0.011* (0.006) | – | −0.034*** | −0.013** (0.006) | – | 0.033 |
| ACSIZE | – | −0.154 (17.377) | −0.16 | – | −0.125 (18.87) | 0.141*** |
| ACINDP | – | 0.198 (17.377) | 0.199 | – | 0.171 (2.87) | 0.162*** |
| ACEXP | – | −0.0009 (0.01) | 0.055 | – | 0.002 (0.01) | 0.053 – |
| ACMEET | – | – | – | −0.066 (0.071) | −0.209*** (0.07) | −0.108* |
| FSIZE | – | – | – | −0.243 (0.212) | 0.198 (0.188) | 0.366* |
| FAGE | – | – | – | 0.642*** (1.852) | 0.723* (2.272) | 0.5332* (1.523) |
| LEV | – | – | – | 0.3252** (2.821) | 0.191* (1.972) | 0.7821*** (2.542) |
| IND | – | – | – | 0.623** (1.751) | 0.7121** (2.812) | 0.127*** (3.513) |
| Observations | 3,010 | 3,010 | 3,010 | 3,010 | 3,010 | 3,010 |
| 1 | 2 | 3 | 4 | 5 | 6 | |
|---|---|---|---|---|---|---|
| BSIZE | 0.353 | – | 1.032 | 0.370 | – | 0.966 |
| BINDP | 0.00186 (0.162) | – | −1.756 (4.389) | 0.0817 (0.175) | – | 1.724 (5.888) |
| BGDIV | 0.229 (0.148) | – | 0.183 (0.216) | 0.302 | – | 0.224 |
| BEXP | −0.172 | – | −0.878 | −0.223 | – | 0.928 |
| ACSIZE | – | −3.101 (3.48) | −4.105 (3.221) | – | −2.744 (4.61) | 0.943 |
| ACINDP | – | 3.982–348 | 5.102–315.2 | – | 3.742–413.6 | 5.116 |
| ACEXP | – | −0.0187 (0.205) | 1.426 (470.3) | – | 0.0366 (0.22) | 1.481 (625.8) |
| ACMEET | – | – | – | −1.119 (1.207) | −4.581 | 3.023 |
| FSIZE | – | – | – | −4.125 (3.547) | 4.354 (4.150) | 10.26 |
| FAGE | – | – | – | 4.227 | 2.661 | 3.134 |
| LEV | – | – | – | 0.233 | 0.428 | 0.523 |
| IND | – | – | – | 0.051 | 0.642 | 0.121 |
| Constant | −4.154 | −7.607 | −9.589 | −5.326 | −10.05 | −13.23 |
| Observations | 3010 | 3010 | 3010 | 3010 | 3010 | 3010 |
| Pseudo | 0.124 | 0.34 | 0.499 | 0.22 | 0.421 | 0.543 |
| Wald | 26.18 | 71.65 | 105 | 46.39 | 88.7 | 114.4 |
| Prob > chi2 | 0 | 0 | 0 | 7.33E-08 | 0 | 0 |
| BSIZE | 0.023 | – | 0.040 | 0.021 | – | 0.034 |
| BINDP | 0.00011 (0.0103) | – | −0.068 | 0.005 (0.012) | – | −0.062 |
| BGDIV | 0.015 (0.011) | – | 0.007 | 0.017 | – | 0.038 |
| BEXP | −0.011 | – | −0.034 | −0.013 | – | 0.033 |
| ACSIZE | – | −0.154 (17.377) | −0.16 | – | −0.125 (18.87) | 0.141 |
| ACINDP | – | 0.198 (17.377) | 0.199 | – | 0.171 (2.87) | 0.162 |
| ACEXP | – | −0.0009 (0.01) | 0.055 | – | 0.002 (0.01) | 0.053 – |
| ACMEET | – | – | – | −0.066 (0.071) | −0.209 | −0.108 |
| FSIZE | – | – | – | −0.243 (0.212) | 0.198 (0.188) | 0.366 |
| FAGE | – | – | – | 0.642 | 0.723* (2.272) | 0.5332 |
| LEV | – | – | – | 0.3252 | 0.191 | 0.7821 |
| IND | – | – | – | 0.623 | 0.7121 | 0.127 |
| Observations | 3,010 | 3,010 | 3,010 | 3,010 | 3,010 | 3,010 |
Note(s): Standard errors in parentheses; ***p < 0.01; **p < 0.05; *p < 0.1