Table 5 Robustness test Variables...

Table 5

Robustness test

Variables	DV=Auditor-client_Distance								DV=Audit_Fee
Variables	DisKM	DisMN	DisKM	DisMN	DisKM	DisMN	DisKM	DisMN	Audit_Fee	Audit_Fee	Audit_Fee	Aud_Fee
Chair_Narc_Sig	−7.43**	−7.86***							5.21**
Chair_Narc_Sig	(−2.14)	(−2.67)							(2.17)
CEO_Narc_Sig			−7.04***	−6.32***						7.95***
CEO_Narc_Sig			(−2.73)	(−2.89)						(3.35)
Chair_Narc_Pic					−0.079**	−0.079**					0.06**
Chair_Narc_Pic					(−2.057)	(−2.415)					(2.40)
CEO_Narc_Pic							−0.08**	−0.1***				0.05**
CEO_Narc_Pic							(−2.09)	(−2.97)				(1.98)
Constant	2.75**	3.76***	1.53	2.85**	1.50	2.71**	1.37	2.71**	4.52***	4.34***	4.45***	4.39***
Constant	(2.14)	(3.45)	(1.15)	(2.52)	(1.14)	(2.43)	(1.03)	(2.38)	(5.08)	(4.91)	(4.81)	(4.72)
Baseline controls	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES
Year_FE	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES
Industry_FE	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES
Observations	436	436	436	436	436	436	436	436	436	436	436	436
Adjusted R²	0.142	0.154	0.152	0.167	0.159	0.157	0.155	0.159	0.474	0.482	0.465	0.471

Variables	DV=Auditor-client_Distance								DV=Audit_Fee
Variables	DisKM	DisMN	DisKM	DisMN	DisKM	DisMN	DisKM	DisMN	Audit_Fee	Audit_Fee	Audit_Fee	Aud_Fee
Chair_Narc_Sig	−7.43**	−7.86***							5.21**
Chair_Narc_Sig	(−2.14)	(−2.67)							(2.17)
CEO_Narc_Sig			−7.04***	−6.32***						7.95***
CEO_Narc_Sig			(−2.73)	(−2.89)						(3.35)
Chair_Narc_Pic					−0.079**	−0.079**					0.06**
Chair_Narc_Pic					(−2.057)	(−2.415)					(2.40)
CEO_Narc_Pic							−0.08**	−0.1***				0.05**
CEO_Narc_Pic							(−2.09)	(−2.97)				(1.98)
Constant	2.75**	3.76***	1.53	2.85**	1.50	2.71**	1.37	2.71**	4.52***	4.34***	4.45***	4.39***
Constant	(2.14)	(3.45)	(1.15)	(2.52)	(1.14)	(2.43)	(1.03)	(2.38)	(5.08)	(4.91)	(4.81)	(4.72)
Baseline controls	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES
Year_FE	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES
Industry_FE	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES
Observations	436	436	436	436	436	436	436	436	436	436	436	436
Adjusted R²	0.142	0.154	0.152	0.167	0.159	0.157	0.155	0.159	0.474	0.482	0.465	0.471

Note(s): Table 5 reports the robustness test results estimated through OLS using alternative measures of CEO and Chair narcissism. Coefficients are presented with t-statistics in parentheses. Variable definitions are provided in Appendix. ***, **, and * indicate significance at the 1%, 5%, and 10% levels, respectively. DV stands for dependent variable

Source(s): Authors' construction

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