Regression results for the effect of auditor industry specialization on audit quality in the French, Moroccan and Tunisian companies
| Data | French | Moroccan | Tunisian | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | 6 | 1 | 2 | 3 | 4 | 5 | 6 | 1 | 2 | 3 | 4 | 5 | 6 | |
| B4_B4_SPEC | 0.0336*** (0.00757) | 0.435** (0.157) | – | |||||||||||||||
| B4_S1_SPEC | 0.00436 (0.00458) | 0.0439** (0.0183) | 0.00398 (0.0449) | |||||||||||||||
| B4_S2_SPEC | −0.0195* (0.0104) | −0.0184 (0.0425) | −0.0231 (0.0175) | |||||||||||||||
| S1_S1_SPEC | 0.0143 (0.0169) | −0.0449 (0.386) | – | |||||||||||||||
| S1_S2_SPEC | −0.0132 (0.00940) | −0.00529 (0.0204) | 0.294 (0) | |||||||||||||||
| S2_S2_SPEC | – | 0.433** (0.216) | −0.0556 (0.0654) | |||||||||||||||
| LNTA | −0.116 (0.141) | −0.353** (0.138) | 0.157 (0.145) | −0.168 (0.379) | 0.0502 (0.255) | −0.649 (0.820) | 5.760 (6.569) | −1.165 (0.995) | −1.801*** (0.666) | −11.00*** (3.357) | 0.00344 (0.761) | −0.00973 (1.585) | −16.62 (0) | 7.043 (8.415) | 0.912 (2.059) | 0.179 (0) | −6.752 (0) | −1.001 (2.766) |
| BUSY | −0.00180 (0.00425) | 0.00169 (0.00319) | 0.000385 (0.00436) | −0.0118 (0.00889) | 0.00791 (0.00609) | 0.00573 (0.00618) | – | – | – | – | – | −1.636** (0.766) | – | – | – | – | – | – |
| IFRS | 0.0436*** (0.0163) | 0.00858 (0.00578) | −0.00931* (0.00492) | −0.0390** (0.0164) | 0.0198*** (0.00713) | −0.0163* (0.00928) | 0.706 (0.554) | −0.0434 (0.0385) | −0.00692 (0.0220) | 0.0422 (0.921) | −0.0227 (0.0148) | −0.998** (0.461) | 0.785 (0.475) | −0.0404 (0.0298) | −0.190 (0) | −0.0363 (0.0536) | ||
| OPINION | 0.0162** (0.00730) | 0.00246 (0.00580) | −0.000117 (0.00984) | −0.0395 (0.0336) | 0.0365* (0.0211) | −0.0253 (0.0158) | – | −0.120*** (0.0322) | 0.0173 (0.0200) | −0.00441 (0.0458) | 0.0531*** (0.0191) | 0.970** (0.401) | – | – | – | – | – | −0.0325 (0.0615) |
| CHANGE | −0.00665 (0.00444) | −0.00391 (0.00495) | −0.00299 (0.00581) | 0.0105 (0.0118) | 0.00103 (0.00735) | 0.0103 (0.0101) | 0.0155 (0.0411) | −0.0179 (0.0126) | −0.0286 (0.0237) | −0.0264 (0.0269) | 0.00154 (0.0158) | −0.0648** (0.0285) | 0.338 (0) | 0.00407 (0.0490) | 0.0118 (0.0186) | 0.0313 (0) | −0.0106 (0) | −0.00749 (0.0126) |
| LOSS | −0.460*** (0.157) | −0.423*** (0.137) | −0.152 (0.208) | 0.0579 (0.644) | 0.247 (0.377) | −1.940 (1.362) | 5.803 (5.474) | 0.376 (1.486) | −2.827** (1.157) | 0.0288 (4.050) | 1.249 (2.032) | −0.961 (2.140) | 102.3 (0) | −111.7* (54.11) | −16.73* (9.142) | 68.55 (0) | 5.420 (10.52) | |
| LEV | −0.0159*** (0.00488) | 0.00431 (0.00395) | −0.00515 (0.00394) | 0.0214 (0.0161) | −0.0170* (0.00939) | −0.0152 (0.0183) | −0.189 (0.303) | −0.0318 (0.0423) | 0.115*** (0.0310) | −0.0136 (0.130) | −0.00457 (0.0297) | 0.0399 (0.105) | −0.182 (0) | −0.961 (0.626) | −0.145 (0.129) | −0.00194 (0) | 0.555 (0) | 0.101 (0.142) |
| ROA | −0.0367*** (0.0116) | −0.00296 (0.0110) | −0.00880 (0.0119) | 0.00473 (0.0420) | 0.000838 (0.0163) | −0.0973 (0.0681) | 0.268 (0.368) | 0.000223 (0.106) | −0.108 (0.111) | 0.669* (0.369) | 0.200 (0.233) | −0.0278 (0.138) | 4.909 (0) | −4.014 (2.359) | −0.658 (0.410) | 0.00899 (0) | 3.031 (0) | 0.357 (0.504) |
| MTB | 7.91e-05 (0.000895) | 0.00281*** (0.000864) | 0.00202** (0.000835) | 0.000513 (0.00229) | 0.000147 (0.00142) | −0.000472 (0.00248) | 0.00639 (0.0163) | 0.00879 (0.00651) | 0.000889 (0.00321) | 0.0144 (0.0115) | 0.00455 (0.00893) | 0.0142 (0.00957) | −0.00506 (0) | −0.00691 (0.00870) | 0.00710 (0.00659) | −0.0236 (0) | 0.0138 (0) | 0.00883 (0.00553) |
| Sqrt_Sub | 0.0244* (0.0127) | 0.0315*** (0.0119) | −0.00548 (0.0141) | −0.0713** (0.0328) | 0.0292 (0.0330) | 0.0756 (0.0993) | 0.0631 (1.274) | 0.256 (0.242) | 0.473*** (0.157) | 2.878*** (0.747) | −0.00536 (0.202) | −0.403 (0.467) | −8.668 (0) | 4.943* (2.517) | 0.906 (0.743) | −2.509 (0) | −0.383 (0.999) | |
| LIQ | 0.000337 (0.000439) | 0.000300 (0.000409) | −0.000612 (0.000554) | 0.00216* (0.00130) | −0.000771 (0.000814) | 0.00176 (0.00199) | −0.00679 (0.0413) | −0.000666 (0.0113) | 0.00489 (0.0106) | −0.0279 (0.0441) | −0.00698 (0.00783) | 0.00975 (0.00902) | −0.402 (0) | 0.0670 (0.0480) | 0.0102 (0.0128) | 0.000451 (0) | −0.0766 (0) | −0.00344 (0.0154) |
| Sqrt_Age | 0.00137** (0.000566) | 6.72e-05 (0.000527) | −0.000382 (0.000741) | −0.00343 (0.00253) | −0.000815 (0.000966) | −0.000606 (0.00113) | 0.603 (0.365) | −0.0126 (0.00833) | 0.00279 (0.0125) | −0.0151 (0.0475) | −3.29e-05 (0.00682) | −0.301** (0.132) | −0.782 (0) | 0.750 (0.446) | −0.00107 (0.00865) | −0.00655 (0) | 0.0305 (0) | 0.0154 (0.0302) |
| SHARES | 0.0183*** (0.00650) | 0.0157*** (0.00457) | 0.00318 (0.00530) | −0.00464 (0.0131) | 0.00592 (0.0104) | 0.0471** (0.0192) | −0.0713** (0.0316) | −0.0203 (0.0193) | 0.0395 (0.0239) | 0.197** (0.0890) | 0.0211 (0.0309) | −0.00105 (0.0281) | 1.010 (0) | −0.645* (0.344) | −0.0596 (0.0505) | 0.00104 (0) | 0.499 (0) | −0.0579 (0.0604) |
| IMR1 | 0.112*** (0.0424) | −0.00645 (0.0370) | −0.0156 (0.0455) | 0.0541 (0.0801) | 0.0303 (0.0483) | 0.213** (0.0960) | −0.359 (0.438) | −0.0627 (0.0695) | 0.220*** (0.0564) | 0.348 (0.243) | 0.0298 (0.0517) | 0.0606 (0.177) | 1.911 (0) | 0.203 (0.330) | 0.0353 (0.135) | −0.00194 (0) | 0.0103 (0) | 0.0272 (0.183) |
| IMR2 | −0.108** (0.0501) | 0.0939*** (0.0359) | −0.0203 (0.0334) | −0.0502 (0.0908) | −0.103* (0.0623) | 0.0328 (0.153) | −0.0882 (0.278) | 0.163 (0.0983) | −0.0680 (0.0924) | −0.390 (0.314) | −0.181** (0.0846) | −0.00775 (0.105) | 1.263 (0) | −0.661 (1.524) | 0.126 (0.225) | – | 0.432 (0) | −0.563* (0.336) |
| IMR3 | 0.0184 (0.0248) | 0.0185 (0.0246) | 0.0452 (0.0453) | 0.177** (0.0784) | −0.0511 (0.151) | 0.00696 (0.366) | −0.0179 (0.176) | 0.0402 (0.0501) | −0.0341 (0.0765) | 0.411 (0.246) | −0.00198 (0.0921) | 0.0106 (0.0910) | −9.533 (0) | 0.318 (0.758) | −0.0140 (0.221) | – | −0.893 (0) | 0.204 (0.192) |
| IMR4 | −0.0288 (0.0281) | −0.0716* (0.0398) | −0.0246 (0.0555) | −0.0140 (0.175) | 0.144 (0.0985) | −0.384 (0.389) | −0.217 (0.449) | 0.0269 (0.100) | 0.0628 (0.111) | 0.860* (0.464) | 0.0777 (0.0684) | −0.0903 (0.0799) | 1.177 (0) | −0.744* (0.367) | −0.120* (0.0686) | – | 0.453 (0) | 0.0539 (0.0760) |
| IMR5 | 0.0750** (0.0300) | 0.00596 (0.0276) | 0.0360 (0.0347) | −0.234* (0.130) | 0.0618 (0.104) | 0.204 (0.153) | 0.422** (0.166) | −0.0369 (0.0659) | −0.137*** (0.0504) | −0.401 (0.257) | 0.0885 (0.181) | 0.0307 (0.0879) | −3.527 (0) | 0.0146 (0.636) | 0.0649 (0.102) | – | 0.395 (0) | −0.0448 (0.140) |
| IMR6 | −0.0706** (0.0296) | −0.0473** (0.0233) | −0.0253 (0.0251) | 0.0579 (0.0766) | −0.0845* (0.0450) | −0.0609 (0.107) | 0.278 (0.588) | −0.135 (0.0863) | −0.0432 (0.0497) | −0.831*** (0.258) | −0.00819 (0.0833) | −0.00605 (0.0957) | 9.120 (0) | 0.872 (0.812) | −0.117 (0.270) | – | −0.359 (0) | 0.324 (0.243) |
| Year FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | 0.0186 | −0.0707 | −0.0489** | – | 0.0307 | −0.0320 |
| Industry FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Constant | 0.602 (1.273) | 2.786** (1.387) | −1.988 (1.650) | 0.967 (3.970) | 0.00778 (2.534) | 4.721 (10.46) | −67.09 (80.14) | 15.47 (10.87) | 16.96* (8.977) | 120.9** (44.72) | −0.460 (8.968) | 0.760 (16.46) | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 715 | 1,092 | 879 | 214 | 397 | 293 | 51 | 87 | 99 | 57 | 112 | 96 | (0) 21 | (84.33) 51 | (23.01) 105 | (0) 10 | (0) 24 | (32.77) 89 |
| R-squared | 0.263 | 0.224 | 0.173 | 0.378 | 0.174 | 0.320 | 0.737 | 0.560 | 0.595 | 0.769 | 0.489 | 0.680 | 1.000 | 0.553 | 0.353 | 1.000 | 1.000 | 0.578 |
| Data | French | Moroccan | Tunisian | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | 6 | 1 | 2 | 3 | 4 | 5 | 6 | 1 | 2 | 3 | 4 | 5 | 6 | |
| B4_B4_SPEC | 0.0336 | 0.435 | – | |||||||||||||||
| B4_S1_SPEC | 0.00436 (0.00458) | 0.0439 | 0.00398 (0.0449) | |||||||||||||||
| B4_S2_SPEC | −0.0195 | −0.0184 (0.0425) | −0.0231 (0.0175) | |||||||||||||||
| S1_S1_SPEC | 0.0143 (0.0169) | −0.0449 (0.386) | – | |||||||||||||||
| S1_S2_SPEC | −0.0132 (0.00940) | −0.00529 (0.0204) | 0.294 (0) | |||||||||||||||
| S2_S2_SPEC | – | 0.433 | −0.0556 (0.0654) | |||||||||||||||
| −0.116 (0.141) | −0.353 | 0.157 (0.145) | −0.168 (0.379) | 0.0502 (0.255) | −0.649 (0.820) | 5.760 (6.569) | −1.165 (0.995) | −1.801 | −11.00 | 0.00344 (0.761) | −0.00973 (1.585) | −16.62 (0) | 7.043 (8.415) | 0.912 (2.059) | 0.179 (0) | −6.752 (0) | −1.001 (2.766) | |
| −0.00180 (0.00425) | 0.00169 (0.00319) | 0.000385 (0.00436) | −0.0118 (0.00889) | 0.00791 (0.00609) | 0.00573 (0.00618) | – | – | – | – | – | −1.636 | – | – | – | – | – | – | |
| 0.0436 | 0.00858 (0.00578) | −0.00931 | −0.0390 | 0.0198 | −0.0163 | 0.706 (0.554) | −0.0434 (0.0385) | −0.00692 (0.0220) | 0.0422 (0.921) | −0.0227 (0.0148) | −0.998 | 0.785 (0.475) | −0.0404 (0.0298) | −0.190 (0) | −0.0363 (0.0536) | |||
| OPINION | 0.0162 | 0.00246 (0.00580) | −0.000117 (0.00984) | −0.0395 (0.0336) | 0.0365 | −0.0253 (0.0158) | – | −0.120 | 0.0173 (0.0200) | −0.00441 (0.0458) | 0.0531 | 0.970 | – | – | – | – | – | −0.0325 (0.0615) |
| −0.00665 (0.00444) | −0.00391 (0.00495) | −0.00299 (0.00581) | 0.0105 (0.0118) | 0.00103 (0.00735) | 0.0103 (0.0101) | 0.0155 (0.0411) | −0.0179 (0.0126) | −0.0286 (0.0237) | −0.0264 (0.0269) | 0.00154 (0.0158) | −0.0648 | 0.338 (0) | 0.00407 (0.0490) | 0.0118 (0.0186) | 0.0313 (0) | −0.0106 (0) | −0.00749 (0.0126) | |
| −0.460 | −0.423 | −0.152 (0.208) | 0.0579 (0.644) | 0.247 (0.377) | −1.940 (1.362) | 5.803 (5.474) | 0.376 (1.486) | −2.827 | 0.0288 (4.050) | 1.249 (2.032) | −0.961 (2.140) | 102.3 (0) | −111.7 | −16.73 | 68.55 (0) | 5.420 (10.52) | ||
| −0.0159 | 0.00431 (0.00395) | −0.00515 (0.00394) | 0.0214 (0.0161) | −0.0170 | −0.0152 (0.0183) | −0.189 (0.303) | −0.0318 (0.0423) | 0.115 | −0.0136 (0.130) | −0.00457 (0.0297) | 0.0399 (0.105) | −0.182 (0) | −0.961 (0.626) | −0.145 (0.129) | −0.00194 (0) | 0.555 (0) | 0.101 (0.142) | |
| −0.0367 | −0.00296 (0.0110) | −0.00880 (0.0119) | 0.00473 (0.0420) | 0.000838 (0.0163) | −0.0973 (0.0681) | 0.268 (0.368) | 0.000223 (0.106) | −0.108 (0.111) | 0.669 | 0.200 (0.233) | −0.0278 (0.138) | 4.909 (0) | −4.014 (2.359) | −0.658 (0.410) | 0.00899 (0) | 3.031 (0) | 0.357 (0.504) | |
| 7.91e-05 (0.000895) | 0.00281 | 0.00202 | 0.000513 (0.00229) | 0.000147 (0.00142) | −0.000472 (0.00248) | 0.00639 (0.0163) | 0.00879 (0.00651) | 0.000889 (0.00321) | 0.0144 (0.0115) | 0.00455 (0.00893) | 0.0142 (0.00957) | −0.00506 (0) | −0.00691 (0.00870) | 0.00710 (0.00659) | −0.0236 (0) | 0.0138 (0) | 0.00883 (0.00553) | |
| Sqrt_Sub | 0.0244 | 0.0315 | −0.00548 (0.0141) | −0.0713 | 0.0292 (0.0330) | 0.0756 (0.0993) | 0.0631 (1.274) | 0.256 (0.242) | 0.473 | 2.878 | −0.00536 (0.202) | −0.403 (0.467) | −8.668 (0) | 4.943 | 0.906 (0.743) | −2.509 (0) | −0.383 (0.999) | |
| 0.000337 (0.000439) | 0.000300 (0.000409) | −0.000612 (0.000554) | 0.00216 | −0.000771 (0.000814) | 0.00176 (0.00199) | −0.00679 (0.0413) | −0.000666 (0.0113) | 0.00489 (0.0106) | −0.0279 (0.0441) | −0.00698 (0.00783) | 0.00975 (0.00902) | −0.402 (0) | 0.0670 (0.0480) | 0.0102 (0.0128) | 0.000451 (0) | −0.0766 (0) | −0.00344 (0.0154) | |
| Sqrt_Age | 0.00137 | 6.72e-05 (0.000527) | −0.000382 (0.000741) | −0.00343 (0.00253) | −0.000815 (0.000966) | −0.000606 (0.00113) | 0.603 (0.365) | −0.0126 (0.00833) | 0.00279 (0.0125) | −0.0151 (0.0475) | −3.29e-05 (0.00682) | −0.301 | −0.782 (0) | 0.750 (0.446) | −0.00107 (0.00865) | −0.00655 (0) | 0.0305 (0) | 0.0154 (0.0302) |
| 0.0183 | 0.0157 | 0.00318 (0.00530) | −0.00464 (0.0131) | 0.00592 (0.0104) | 0.0471 | −0.0713 | −0.0203 (0.0193) | 0.0395 (0.0239) | 0.197 | 0.0211 (0.0309) | −0.00105 (0.0281) | 1.010 (0) | −0.645 | −0.0596 (0.0505) | 0.00104 (0) | 0.499 (0) | −0.0579 (0.0604) | |
| IMR1 | 0.112 | −0.00645 (0.0370) | −0.0156 (0.0455) | 0.0541 (0.0801) | 0.0303 (0.0483) | 0.213 | −0.359 (0.438) | −0.0627 (0.0695) | 0.220 | 0.348 (0.243) | 0.0298 (0.0517) | 0.0606 (0.177) | 1.911 (0) | 0.203 (0.330) | 0.0353 (0.135) | −0.00194 (0) | 0.0103 (0) | 0.0272 (0.183) |
| IMR2 | −0.108 | 0.0939 | −0.0203 (0.0334) | −0.0502 (0.0908) | −0.103 | 0.0328 (0.153) | −0.0882 (0.278) | 0.163 (0.0983) | −0.0680 (0.0924) | −0.390 (0.314) | −0.181 | −0.00775 (0.105) | 1.263 (0) | −0.661 (1.524) | 0.126 (0.225) | – | 0.432 (0) | −0.563 |
| IMR3 | 0.0184 (0.0248) | 0.0185 (0.0246) | 0.0452 (0.0453) | 0.177 | −0.0511 (0.151) | 0.00696 (0.366) | −0.0179 (0.176) | 0.0402 (0.0501) | −0.0341 (0.0765) | 0.411 (0.246) | −0.00198 (0.0921) | 0.0106 (0.0910) | −9.533 (0) | 0.318 (0.758) | −0.0140 (0.221) | – | −0.893 (0) | 0.204 (0.192) |
| IMR4 | −0.0288 (0.0281) | −0.0716 | −0.0246 (0.0555) | −0.0140 (0.175) | 0.144 (0.0985) | −0.384 (0.389) | −0.217 (0.449) | 0.0269 (0.100) | 0.0628 (0.111) | 0.860 | 0.0777 (0.0684) | −0.0903 (0.0799) | 1.177 (0) | −0.744 | −0.120 | – | 0.453 (0) | 0.0539 (0.0760) |
| IMR5 | 0.0750 | 0.00596 (0.0276) | 0.0360 (0.0347) | −0.234 | 0.0618 (0.104) | 0.204 (0.153) | 0.422 | −0.0369 (0.0659) | −0.137 | −0.401 (0.257) | 0.0885 (0.181) | 0.0307 (0.0879) | −3.527 (0) | 0.0146 (0.636) | 0.0649 (0.102) | – | 0.395 (0) | −0.0448 (0.140) |
| IMR6 | −0.0706 | −0.0473 | −0.0253 (0.0251) | 0.0579 (0.0766) | −0.0845 | −0.0609 (0.107) | 0.278 (0.588) | −0.135 (0.0863) | −0.0432 (0.0497) | −0.831 | −0.00819 (0.0833) | −0.00605 (0.0957) | 9.120 (0) | 0.872 (0.812) | −0.117 (0.270) | – | −0.359 (0) | 0.324 (0.243) |
| Year | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | 0.0186 | −0.0707 | −0.0489** | – | 0.0307 | −0.0320 |
| Industry | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Constant | 0.602 (1.273) | 2.786 | −1.988 (1.650) | 0.967 (3.970) | 0.00778 (2.534) | 4.721 (10.46) | −67.09 (80.14) | 15.47 (10.87) | 16.96 | 120.9 | −0.460 (8.968) | 0.760 (16.46) | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 715 | 1,092 | 879 | 214 | 397 | 293 | 51 | 87 | 99 | 57 | 112 | 96 | (0) 21 | (84.33) 51 | (23.01) 105 | (0) 10 | (0) 24 | (32.77) 89 |
| 0.263 | 0.224 | 0.173 | 0.378 | 0.174 | 0.320 | 0.737 | 0.560 | 0.595 | 0.769 | 0.489 | 0.680 | 1.000 | 0.553 | 0.353 | 1.000 | 1.000 | 0.578 | |
***, **, * indicates significant at 1, 5, and 10% significance levels, respectively
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