Regression results of family firms on audit fees
| Variables | Model 1 | Model 2 | Model 3 |
|---|---|---|---|
| Whole period (2015–2022) | Pre-COVID (2015–2018) | Post-COVID (2019–2022) | |
| FAMILYFIRM | −0.0000 (−0.00) | −0.0001 (−0.01) | 0.0261**(2.82) |
| FAMILYFIRM*COVID-19 | 0.0268*(2.19) | ||
| COVID-19 | 0.1089***(13.88) | ||
| BODMEET | 0.0235***(22.27) | 0.0242***(16.55) | 0.0230***(15.06) |
| BODSIZE | 0.0633***(14.71) | 0.0607***(10.17) | 0.0674***(10.85) |
| IDR | 0.0104***(9.85) | 0.0098***(6.59) | 0.0114***(7.56) |
| INVESTPROP | 0.0039***(26.92) | 0.0043***(21.11) | 0.0035***(17.01) |
| LEV | 0.8294***(44.34) | 0.8056***(30.18) | 0.8456***(32.25) |
| ROE | 0.3742***(6.30) | 0.5855***(6.83) | 0.1703*(2.07) |
| INVR | −0.2122***(−11.90) | −0.2030***(−8.25) | −0.2176***(−8.39) |
| FIRMAGE | 0.0040***(6.00) | 0.0028**(2.88) | 0.0049***(5.38) |
| BIG4 | 0.4802***(38.86) | 0.5048***(27.48) | 0.4596***(27.63) |
| _cons | 12.0793***(167.50) | 12.1193***(120.36) | 12.1299***(118.00) |
| N | 18,881 | 9,711 | 9,170 |
| adj. R2 | 0.3248 | 0.3181 | 0.3182 |
| F | 757.8941 | 453.9878 | 428.9152 |
| Variables | Model 1 | Model 2 | Model 3 |
|---|---|---|---|
| Whole period (2015–2022) | Pre-COVID (2015–2018) | Post-COVID (2019–2022) | |
| FAMILYFIRM | −0.0000 (−0.00) | −0.0001 (−0.01) | 0.0261**(2.82) |
| FAMILYFIRM*COVID-19 | 0.0268*(2.19) | ||
| COVID-19 | 0.1089***(13.88) | ||
| BODMEET | 0.0235***(22.27) | 0.0242***(16.55) | 0.0230***(15.06) |
| BODSIZE | 0.0633***(14.71) | 0.0607***(10.17) | 0.0674***(10.85) |
| IDR | 0.0104***(9.85) | 0.0098***(6.59) | 0.0114***(7.56) |
| INVESTPROP | 0.0039***(26.92) | 0.0043***(21.11) | 0.0035***(17.01) |
| LEV | 0.8294***(44.34) | 0.8056***(30.18) | 0.8456***(32.25) |
| ROE | 0.3742***(6.30) | 0.5855***(6.83) | 0.1703*(2.07) |
| INVR | −0.2122***(−11.90) | −0.2030***(−8.25) | −0.2176***(−8.39) |
| FIRMAGE | 0.0040***(6.00) | 0.0028**(2.88) | 0.0049***(5.38) |
| BIG4 | 0.4802***(38.86) | 0.5048***(27.48) | 0.4596***(27.63) |
| _cons | 12.0793***(167.50) | 12.1193***(120.36) | 12.1299***(118.00) |
| 18,881 | 9,711 | 9,170 | |
| adj. | 0.3248 | 0.3181 | 0.3182 |
| F | 757.8941 | 453.9878 | 428.9152 |
Note(s): FAMILYFIRM = family firm, COVID-19 = COVID-19 pandemic, BODMEET = board meetings, BODSIZE = directors on the board, IDR = independent directors on the board, INVESTPROP = institutional investor shareholder ratio, LEV = total liability/total assets, ROE = return on equity, INVR = inventory/total revenue, FIRMAGE = firm living years, and BIG4 = Big 4 audit firm; *p < 0.1, **p < 0.05, ***p < 0.01 (t statistics in parentheses)
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