Descriptive statistics
| Variables | Observations | Mean | Standard deviation | Minimum | Maximum |
|---|---|---|---|---|---|
| Dependent variable | |||||
| DisKM (actual) | 436 | 6.76 | 7.72 | 0.03 | 50.00 |
| DisMN (actual) | 436 | 22.28 | 20.10 | 1.00 | 120.00 |
| DisKM (log) | 436 | 1.47 | 1.02 | −3.51 | 3.91 |
| DisMN (log) | 436 | 2.76 | 0.87 | 0.00 | 4.79 |
| Aud_Fee | 436 | 6.07 | 0.91 | 2.30 | 8.94 |
| Independent variable | |||||
| Chair_Narc | 436 | 0.12 | 0.10 | 0.00 | 0.63 |
| CEO_Narc | 436 | 0.11 | 0.11 | 0.00 | 0.60 |
| Chair_Narc_Sig | 436 | 0.02 | 0.02 | 0.00 | 0.08 |
| CEO_Narc_Sig | 436 | 0.02 | 0.02 | 0.00 | 0.06 |
| Chair_Narc_Pic | 436 | 1.78 | 1.41 | 0.00 | 4.00 |
| CEO_Narc_Pic | 436 | 1.66 | 1.38 | 0.00 | 4.00 |
| Control variables | |||||
| Chair_Gen | 436 | 0.15 | 0.36 | 0.00 | 1.00 |
| CEO_Gen | 436 | 0.05 | 0.22 | 0.00 | 1.00 |
| FDR | 436 | 0.16 | 0.14 | 0.00 | 0.62 |
| IDR | 436 | 0.23 | 0.10 | 0.00 | 0.83 |
| AC_Size (log) | 436 | 1.39 | 0.27 | 0.69 | 3.76 |
| Aud_Lag (log) | 436 | 4.76 | 0.34 | 3.29 | 5.70 |
| Aud_Ten | 436 | 2.28 | 1.09 | 1.00 | 5.00 |
| Big4 | 436 | 0.20 | 0.40 | 0.00 | 1.00 |
| Firm_Size (log) | 436 | 16.07 | 1.91 | 12.50 | 20.08 |
| Firm_Age (log) | 436 | 3.20 | 0.41 | 1.95 | 4.13 |
| ROA | 436 | 0.03 | 0.04 | −0.14 | 0.24 |
| Lev | 436 | 0.57 | 0.30 | 0.00 | 1.83 |
| Yearend | 436 | 0.628 | 0.483 | 0.00 | 1.00 |
| Variables | Observations | Mean | Standard deviation | Minimum | Maximum |
|---|---|---|---|---|---|
| DisKM (actual) | 436 | 6.76 | 7.72 | 0.03 | 50.00 |
| DisMN (actual) | 436 | 22.28 | 20.10 | 1.00 | 120.00 |
| DisKM (log) | 436 | 1.47 | 1.02 | −3.51 | 3.91 |
| DisMN (log) | 436 | 2.76 | 0.87 | 0.00 | 4.79 |
| Aud_Fee | 436 | 6.07 | 0.91 | 2.30 | 8.94 |
| Chair_Narc | 436 | 0.12 | 0.10 | 0.00 | 0.63 |
| CEO_Narc | 436 | 0.11 | 0.11 | 0.00 | 0.60 |
| Chair_Narc_Sig | 436 | 0.02 | 0.02 | 0.00 | 0.08 |
| CEO_Narc_Sig | 436 | 0.02 | 0.02 | 0.00 | 0.06 |
| Chair_Narc_Pic | 436 | 1.78 | 1.41 | 0.00 | 4.00 |
| CEO_Narc_Pic | 436 | 1.66 | 1.38 | 0.00 | 4.00 |
| Chair_Gen | 436 | 0.15 | 0.36 | 0.00 | 1.00 |
| CEO_Gen | 436 | 0.05 | 0.22 | 0.00 | 1.00 |
| FDR | 436 | 0.16 | 0.14 | 0.00 | 0.62 |
| IDR | 436 | 0.23 | 0.10 | 0.00 | 0.83 |
| AC_Size (log) | 436 | 1.39 | 0.27 | 0.69 | 3.76 |
| Aud_Lag (log) | 436 | 4.76 | 0.34 | 3.29 | 5.70 |
| Aud_Ten | 436 | 2.28 | 1.09 | 1.00 | 5.00 |
| Big4 | 436 | 0.20 | 0.40 | 0.00 | 1.00 |
| Firm_Size (log) | 436 | 16.07 | 1.91 | 12.50 | 20.08 |
| Firm_Age (log) | 436 | 3.20 | 0.41 | 1.95 | 4.13 |
| ROA | 436 | 0.03 | 0.04 | −0.14 | 0.24 |
| Lev | 436 | 0.57 | 0.30 | 0.00 | 1.83 |
| Yearend | 436 | 0.628 | 0.483 | 0.00 | 1.00 |
Note(s): Table 2 reports the key descriptive statistics for the dependent, independent, and control variables used in this study. Variable definitions are provided in Appendix
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