Regression results of family member involvement in directorship on audit fees
| Variables | Model 10 | Model 11 | Model 12 |
|---|---|---|---|
| Whole period (2015–2022) | Pre-COVID (2015–2018) | Post-COVID (2019–2022) | |
| FAMILYDIR | −0.0350 (−0.57) | −0.0772 (−1.22) | −0.0296 (−0.51) |
| FAMILYDIR*COVID-19 | −0.0254 (−0.30) | ||
| COVID-19 | 0.1334*** (5.91) | ||
| BODMEET | 0.0190*** (10.46) | 0.0217*** (8.40) | 0.0166*** (6.47) |
| BODSIZE | 0.0473*** (5.26) | 0.0367** (3.00) | 0.0613*** (4.62) |
| IDR | 0.0069*** (3.31) | 0.0062* (2.19) | 0.0086** (2.80) |
| INVESTPROP | 0.0035*** (16.39) | 0.0038*** (12.39) | 0.0033*** (10.96) |
| LEV | 0.9217*** (28.75) | 0.8725*** (18.50) | 0.9518*** (21.77) |
| ROE | 0.4516*** (4.55) | 0.8577*** (5.76) | 0.1250 (0.94) |
| INVR | −0.1393*** (−4.27) | −0.1024* (−2.22) | −0.1638*** (−3.55) |
| FIRMAGE | 0.0031** (2.85) | −0.0001 (−0.08) | 0.0058*** (3.84) |
| BIG4 | 0.4799*** (16.45) | 0.4712*** (9.58) | 0.4879*** (13.52) |
| _cons | 12.3860*** (83.19) | 12.5194*** (61.69) | 12.3289*** (56.60) |
| N | 6,219 | 3,039 | 3,180 |
| adj. R2 | 0.2868 | 0.2676 | 0.2844 |
| F | 209.3360 | 111.9995 | 127.3736 |
| Variables | Model 10 | Model 11 | Model 12 |
|---|---|---|---|
| Whole period (2015–2022) | Pre-COVID (2015–2018) | Post-COVID (2019–2022) | |
| FAMILYDIR | −0.0350 (−0.57) | −0.0772 (−1.22) | −0.0296 (−0.51) |
| FAMILYDIR*COVID-19 | −0.0254 (−0.30) | ||
| COVID-19 | 0.1334*** (5.91) | ||
| BODMEET | 0.0190*** (10.46) | 0.0217*** (8.40) | 0.0166*** (6.47) |
| BODSIZE | 0.0473*** (5.26) | 0.0367** (3.00) | 0.0613*** (4.62) |
| IDR | 0.0069*** (3.31) | 0.0062* (2.19) | 0.0086** (2.80) |
| INVESTPROP | 0.0035*** (16.39) | 0.0038*** (12.39) | 0.0033*** (10.96) |
| LEV | 0.9217*** (28.75) | 0.8725*** (18.50) | 0.9518*** (21.77) |
| ROE | 0.4516*** (4.55) | 0.8577*** (5.76) | 0.1250 (0.94) |
| INVR | −0.1393*** (−4.27) | −0.1024* (−2.22) | −0.1638*** (−3.55) |
| FIRMAGE | 0.0031** (2.85) | −0.0001 (−0.08) | 0.0058*** (3.84) |
| BIG4 | 0.4799*** (16.45) | 0.4712*** (9.58) | 0.4879*** (13.52) |
| _cons | 12.3860*** (83.19) | 12.5194*** (61.69) | 12.3289*** (56.60) |
| 6,219 | 3,039 | 3,180 | |
| adj. | 0.2868 | 0.2676 | 0.2844 |
| F | 209.3360 | 111.9995 | 127.3736 |
Note(s): FAMILYDIR = family members on board of directors, 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; *p < 0.1, **p < 0.05, ***p < 0.01 (t statistics in parentheses)
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