Regression results of family member involvement in ownership on audit fees
| Variables | Model 4 | Model 5 | Model 6 |
|---|---|---|---|
| Whole period (2015–2022) | Pre-COVID (2015–2018) | Post-COVID (2019–2022) | |
| FOWN | −0.0002(−0.44) | −0.0007 (−1.60) | −0.0015***(−3.98) |
| FOWN*COVID-19 | −0.0017**(−3.13) | ||
| COVID-19 | 0.1953***(8.52) | ||
| BODMEET | 0.0194***(11.88) | 0.0223***(9.58) | 0.0169***(7.36) |
| BODSIZE | 0.0357***(4.46) | 0.0271*(2.44) | 0.0476***(4.11) |
| IDR | 0.0058**(3.12) | 0.0046 (1.75) | 0.0081**(3.01) |
| INVESTPROP | 0.0033***(16.67) | 0.0037***(12.77) | 0.0030***(11.14) |
| LEV | 0.8927***(30.75) | 0.8176***(18.88) | 0.9388***(23.97) |
| ROE | 0.5299***(5.83) | 0.9090***(6.58) | 0.2494*(2.07) |
| INVR | −0.0796**(−2.73) | −0.0179 (−0.43) | −0.1285**(−3.13) |
| FIRMAGE | 0.0023*(2.32) | −0.0009 (−0.64) | 0.0048***(3.53) |
| BIG4 | 0.5181***(20.65) | 0.5146*** (12.38) | 0.5211***(16.64) |
| _cons | 12.5185***(94.61) | 12.6691*** (69.06) | 12.5166***(66.15) |
| N | 7,596 | 3,625 | 3,971 |
| adj. R2 | 0.2831 | 0.2639 | 0.2815 |
| F | 250.9134 | 130.9219 | 156.5523 |
| Variables | Model 4 | Model 5 | Model 6 |
|---|---|---|---|
| Whole period (2015–2022) | Pre-COVID (2015–2018) | Post-COVID (2019–2022) | |
| FOWN | −0.0002(−0.44) | −0.0007 (−1.60) | −0.0015***(−3.98) |
| FOWN*COVID-19 | −0.0017**(−3.13) | ||
| COVID-19 | 0.1953***(8.52) | ||
| BODMEET | 0.0194***(11.88) | 0.0223***(9.58) | 0.0169***(7.36) |
| BODSIZE | 0.0357***(4.46) | 0.0271*(2.44) | 0.0476***(4.11) |
| IDR | 0.0058**(3.12) | 0.0046 (1.75) | 0.0081**(3.01) |
| INVESTPROP | 0.0033***(16.67) | 0.0037***(12.77) | 0.0030***(11.14) |
| LEV | 0.8927***(30.75) | 0.8176***(18.88) | 0.9388***(23.97) |
| ROE | 0.5299***(5.83) | 0.9090***(6.58) | 0.2494*(2.07) |
| INVR | −0.0796**(−2.73) | −0.0179 (−0.43) | −0.1285**(−3.13) |
| FIRMAGE | 0.0023*(2.32) | −0.0009 (−0.64) | 0.0048***(3.53) |
| BIG4 | 0.5181***(20.65) | 0.5146*** (12.38) | 0.5211***(16.64) |
| _cons | 12.5185***(94.61) | 12.6691*** (69.06) | 12.5166***(66.15) |
| 7,596 | 3,625 | 3,971 | |
| adj. | 0.2831 | 0.2639 | 0.2815 |
| F | 250.9134 | 130.9219 | 156.5523 |
Note(s): FOWN = equity owned by family members, 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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