Regression results for the effect of different joint audit pairs on audit report delays in French, Moroccan and Tunisian companies
| Variables | French subsample | Moroccan subsample | Tunisian subsample | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | 6 | 1 | 2 | 3 | 4 | 5 | 6 | 1 | 2 | 3 | 4 | 5 | 6 | |
| B4B4 | −4.233*** (1.110) | −9.834*** (1.307) | −7.195*** (1.679) | −11.08*** (1.650) | −18.86*** (1.724) | −1.083 (3.199) | 9.630** (4.377) | 3.107 (3.971) | 10.27** (4.194) | 17.78*** (4.452) | 68.10*** (11.86) | 49.47*** (11.13) | 71.98*** (16.55) | 56.92*** (17.24) | 58.25*** (10.66) | |||
| B4S1 | 4.233*** (1.110) | −5.601*** (1.016) | −2.962** (1.503) | −6.844*** (1.456) | −14.63*** (1.525) | 1.083 (3.199) | 10.71*** (3.769) | 4.190 (3.437) | 11.35*** (3.375) | 18.86*** (3.739) | −68.10*** (11.86) | −18.64** (8.230) | 3.880 (13.55) | −11.19 (15.08) | −9.855 (8.149) | |||
| B4S2 | 9.834*** (1.307) | 5.601*** (1.016) | 2.639* (1.485) | −1.243 (1.358) | −9.026*** (1.466) | −9.630** (4.377) | −10.71*** (3.769) | −6.523 (3.987) | 0.635 (3.528) | 8.151** (3.520) | −49.47*** (11.13) | 18.64** (8.230) | 22.52 (15.37) | 7.451 (16.15) | 8.782 (7.757) | |||
| S1S1 | 7.195*** (1.679) | 2.962** (1.503) | −2.639* (1.485) | −3.881** (1.738) | −11.67*** (1.847) | −3.107 (3.971) | −4.190 (3.437) | 6.523 (3.987) | 7.158** (3.267) | 14.67*** (3.937) | −71.98*** (16.55) | −3.880 (13.55) | −22.52 (15.37) | −15.07 (17.30) | −13.73 (14.74) | |||
| S1S2 | 11.08*** (1.650) | 6.844*** (1.456) | 1.243 (1.358) | 3.881** (1.738) | −7.784*** (1.718) | −10.27** (4.194) | −11.35*** (3.375) | −0.635 (3.528) | −7.158** (3.267) | 7.516** (3.247) | −56.92*** (17.24) | 11.19 (15.08) | −7.451 (16.15) | 15.07 (17.30) | 1.331 (16.20) | |||
| S2S2 | 18.86*** (1.724) | 14.63*** (1.525) | 9.026*** (1.466) | 11.67*** (1.847) | 7.784*** (1.718) | −17.78*** (4.452) | −18.86*** (3.739) | −8.151** (3.520) | −14.67*** (3.937) | −7.516** (3.247) | −58.25*** (10.66) | 9.855 (8.149) | −8.782 (7.757) | 13.73 (14.74) | −1.331 (16.20) | |||
| SPEC | 5.777*** (2.001) | 5.777*** (2.001) | 5.777*** (2.001) | 5.777*** (2.001) | 5.777*** (2.001) | 5.777*** (2.001) | −2.069 (2.816) | −2.069 (2.816) | −2.069 (2.816) | −2.069 (2.816) | −2.069 (2.816) | −2.069 (2.816) | 18.58*** (6.600) | 18.58*** (6.600) | 18.58*** (6.600) | 18.58*** (6.600) | 18.58*** (6.600) | 18.58*** (6.600) |
| LNTA | −3.961*** (0.319) | −3.961*** (0.319) | −3.961*** (0.319) | −3.961*** (0.319) | −3.961*** (0.319) | −3.961*** (0.319) | −3.900*** (1.277) | −3.900*** (1.277) | −3.900*** (1.277) | −3.900*** (1.277) | −3.900*** (1.277) | −3.900*** (1.277) | −15.32*** (4.944) | −15.32*** (4.944) | −15.32*** (4.944) | −15.32*** (4.944) | −15.32*** (4.944) | −15.32*** (4.944) |
| BUSY | −2.718*** (0.927) | −2.718*** (0.927) | −2.718*** (0.927) | −2.718*** (0.927) | −2.718*** (0.927) | −2.718*** (0.927) | −58.86*** (4.508) | −58.86*** (4.508) | −58.86*** (4.508) | −58.86*** (4.508) | −58.86*** (4.508) | −58.86*** (4.508) | – | – | – | – | – | – |
| IFRS | −4.580*** (1.244) | −4.580*** (1.244) | −4.580*** (1.244) | −4.580*** (1.244) | −4.580*** (1.244) | −4.580*** (1.244) | −8.139** (3.644) | −8.139** (3.644) | −8.139** (3.644) | −8.139** (3.644) | −8.139** (3.644) | −8.139** (3.644) | 0.936 (12.19) | 0.936 (12.19) | 0.936 (12.19) | 0.936 (12.19) | 0.936 (12.19) | 0.936 (12.19) |
| OPINION | 5.325* (2.757) | 5.325* (2.757) | 5.325* (2.757) | 5.325* (2.757) | 5.325* (2.757) | 5.325* (2.757) | −8.214* (4.401) | −8.214* (4.401) | −8.214* (4.401) | −8.214* (4.401) | −8.214* (4.401) | −8.214* (4.401) | 67.94*** (21.54) | 67.94*** (21.54) | 67.94*** (21.54) | 67.94*** (21.54) | 67.94*** (21.54) | 67.94*** (21.54) |
| CHANGE | 2.076 (1.407) | 2.076 (1.407) | 2.076 (1.407) | 2.076 (1.407) | 2.076 (1.407) | 2.076 (1.407) | −1.073 (2.998) | −1.073 (2.998) | −1.073 (2.998) | −1.073 (2.998) | −1.073 (2.998) | −1.073 (2.998) | −0.452 (8.224) | −0.452 (8.224) | −0.452 (8.224) | −0.452 (8.224) | −0.452 (8.224) | −0.452 (8.224) |
| LOSS | 1.851* (1.092) | 1.851* (1.092) | 1.851* (1.092) | 1.851* (1.092) | 1.851* (1.092) | 1.851* (1.092) | 4.452 (2.789) | 4.452 (2.789) | 4.452 (2.789) | 4.452 (2.789) | 4.452 (2.789) | 4.452 (2.789) | 13.53 (9.203) | 13.53 (9.203) | 13.53 (9.203) | 13.53 (9.203) | 13.53 (9.203) | 13.53 (9.203) |
| LEV | −0.0144 (0.0246) | −0.0144 (0.0246) | −0.0144 (0.0246) | −0.0144 (0.0246) | −0.0144 (0.0246) | −0.0144 (0.0246) | −0.0410 (0.0606) | −0.0410 (0.0606) | −0.0410 (0.0606) | −0.0410 (0.0606) | −0.0410 (0.0606) | −0.0410 (0.0606) | 0.462*** (0.161) | 0.462*** (0.161) | 0.462*** (0.161) | 0.462*** (0.161) | 0.462*** (0.161) | 0.462*** (0.161) |
| ROA | 0.0837* (0.0464) | 0.0837* (0.0464) | 0.0837* (0.0464) | 0.0837* (0.0464) | 0.0837* (0.0464) | 0.0837* (0.0464) | −0.277 (0.253) | −0.277 (0.253) | −0.277 (0.253) | −0.277 (0.253) | −0.277 (0.253) | −0.277 (0.253) | −0.0758 (0.536) | −0.0758 (0.536) | −0.0758 (0.536) | −0.0758 (0.536) | −0.0758 (0.536) | −0.0758 (0.536) |
| MTB | −1.327*** (0.222) | −1.327*** (0.222) | −1.327*** (0.222) | −1.327*** (0.222) | −1.327*** (0.222) | −1.327*** (0.222) | 0.000622 (0.643) | 0.000622 (0.643) | 0.000622 (0.643) | 0.000622 (0.643) | 0.000622 (0.643) | 0.000622 (0.643) | −2.267 (2.251) | −2.267 (2.251) | −2.267 (2.251) | −2.267 (2.251) | −2.267 (2.251) | −2.267 (2.251) |
| Sqrt_Sub | −0.134 (0.0986) | −0.134 (0.0986) | −0.134 (0.0986) | −0.134 (0.0986) | −0.134 (0.0986) | −0.134 (0.0986) | 3.936*** (0.756) | 3.936*** (0.756) | 3.936*** (0.756) | 3.936*** (0.756) | 3.936*** (0.756) | 3.936*** (0.756) | 2.456* (1.372) | 2.456* (1.372) | 2.456* (1.372) | 2.456* (1.372) | 2.456* (1.372) | 2.456* (1.372) |
| LIQ | −0.0223*** (0.00492) | −0.0223*** (0.00492) | −0.0223*** (0.00492) | −0.0223*** (0.00492) | −0.0223*** (0.00492) | −0.0223*** (0.00492) | 0.0135 (0.0113) | 0.0135 (0.0113) | 0.0135 (0.0113) | 0.0135 (0.0113) | 0.0135 (0.0113) | 0.0135 (0.0113) | −0.179*** (0.0278) | −0.179*** (0.0278) | −0.179*** (0.0278) | −0.179*** (0.0278) | −0.179*** (0.0278) | −0.179*** (0.0278) |
| Sqrt_Age | −0.617*** (0.162) | −0.617*** (0.162) | −0.617*** (0.162) | −0.617*** (0.162) | −0.617*** (0.162) | −0.617*** (0.162) | −1.809*** (0.637) | −1.809*** (0.637) | −1.809*** (0.637) | −1.809*** (0.637) | −1.809*** (0.637) | −1.809*** (0.637) | 2.074 (1.477) | 2.074 (1.477) | 2.074 (1.477) | 2.074 (1.477) | 2.074 (1.477) | 2.074 (1.477) |
| SHARES | 0.129*** (0.0167) | 0.129*** (0.0167) | 0.129*** (0.0167) | 0.129*** (0.0167) | 0.129*** (0.0167) | 0.129*** (0.0167) | 0.0438 (0.0832) | 0.0438 (0.0832) | 0.0438 (0.0832) | 0.0438 (0.0832) | 0.0438 (0.0832) | 0.0438 (0.0832) | −0.0895 (0.237) | −0.0895 (0.237) | −0.0895 (0.237) | −0.0895 (0.237) | −0.0895 (0.237) | −0.0895 (0.237) |
| Restatement | 1.017 (0.896) | 1.017 (0.896) | 1.017 (0.896) | 1.017 (0.896) | 1.017 (0.896) | 1.017 (0.896) | 2.442 (3.398) | 2.442 (3.398) | 2.442 (3.398) | 2.442 (3.398) | 2.442 (3.398) | 2.442 (3.398) | 5.752 (5.698) | 5.752 (5.698) | 5.752 (5.698) | 5.752 (5.698) | 5.752 (5.698) | 5.752 (5.698) |
| Year FE | Yes | Yes | Yes | Yes | Yes | Yes | 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 | Yes | Yes | Yes | Yes | Yes | Yes |
| Constant | 152.4*** (5.512) | 156.6*** (5.399) | 162.2*** (5.218) | 159.6*** (5.341) | 163.5*** (5.190) | 171.3*** (5.240) | 215.6*** (20.33) | 216.7*** (19.97) | 206.0*** (18.38) | 212.5*** (19.83) | 205.3*** (18.82) | 197.8*** (17.77) | 294.2*** (58.47) | 226.1*** (54.65) | 244.8*** (53.09) | 222.3*** (61.17) | 237.3*** (57.11) | 236.0*** (53.37) |
| Observations | 3,590 | 3,590 | 3,590 | 3,590 | 3,590 | 3,590 | 510 | 510 | 510 | 510 | 510 | 510 | 300 | 300 | 300 | 300 | 300 | 300 |
| R-squared | 0.364 | 0.364 | 0.364 | 0.364 | 0.364 | 0.364 | 0.451 | 0.451 | 0.451 | 0.451 | 0.451 | 0.451 | 0.457 | 0.457 | 0.457 | 0.457 | 0.457 | 0.457 |
| Variables | French subsample | Moroccan subsample | Tunisian subsample | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | 6 | 1 | 2 | 3 | 4 | 5 | 6 | 1 | 2 | 3 | 4 | 5 | 6 | |
| B4B4 | −4.233 | −9.834 | −7.195 | −11.08 | −18.86 | −1.083 (3.199) | 9.630 | 3.107 (3.971) | 10.27 | 17.78 | 68.10 | 49.47 | 71.98 | 56.92 | 58.25 | |||
| B4S1 | 4.233 | −5.601 | −2.962 | −6.844 | −14.63 | 1.083 (3.199) | 10.71 | 4.190 (3.437) | 11.35 | 18.86 | −68.10 | −18.64 | 3.880 (13.55) | −11.19 (15.08) | −9.855 (8.149) | |||
| B4S2 | 9.834 | 5.601 | 2.639* (1.485) | −1.243 (1.358) | −9.026 | −9.630 | −10.71 | −6.523 (3.987) | 0.635 (3.528) | 8.151 | −49.47 | 18.64 | 22.52 (15.37) | 7.451 (16.15) | 8.782 (7.757) | |||
| S1S1 | 7.195 | 2.962 | −2.639* (1.485) | −3.881 | −11.67 | −3.107 (3.971) | −4.190 (3.437) | 6.523 (3.987) | 7.158 | 14.67 | −71.98 | −3.880 (13.55) | −22.52 (15.37) | −15.07 (17.30) | −13.73 (14.74) | |||
| S1S2 | 11.08 | 6.844 | 1.243 (1.358) | 3.881 | −7.784 | −10.27 | −11.35 | −0.635 (3.528) | −7.158 | 7.516 | −56.92 | 11.19 (15.08) | −7.451 (16.15) | 15.07 (17.30) | 1.331 (16.20) | |||
| S2S2 | 18.86 | 14.63 | 9.026 | 11.67 | 7.784 | −17.78 | −18.86 | −8.151 | −14.67 | −7.516 | −58.25 | 9.855 (8.149) | −8.782 (7.757) | 13.73 (14.74) | −1.331 (16.20) | |||
| 5.777 | 5.777 | 5.777 | 5.777 | 5.777 | 5.777 | −2.069 (2.816) | −2.069 (2.816) | −2.069 (2.816) | −2.069 (2.816) | −2.069 (2.816) | −2.069 (2.816) | 18.58 | 18.58 | 18.58 | 18.58 | 18.58 | 18.58 | |
| −3.961 | −3.961 | −3.961 | −3.961 | −3.961 | −3.961 | −3.900 | −3.900 | −3.900 | −3.900 | −3.900 | −3.900 | −15.32 | −15.32 | −15.32 | −15.32 | −15.32 | −15.32 | |
| −2.718 | −2.718 | −2.718 | −2.718 | −2.718 | −2.718 | −58.86 | −58.86 | −58.86 | −58.86 | −58.86 | −58.86 | – | – | – | – | – | – | |
| −4.580 | −4.580 | −4.580 | −4.580 | −4.580 | −4.580 | −8.139 | −8.139 | −8.139 | −8.139 | −8.139 | −8.139 | 0.936 (12.19) | 0.936 (12.19) | 0.936 (12.19) | 0.936 (12.19) | 0.936 (12.19) | 0.936 (12.19) | |
| OPINION | 5.325* (2.757) | 5.325* (2.757) | 5.325* (2.757) | 5.325* (2.757) | 5.325* (2.757) | 5.325* (2.757) | −8.214* (4.401) | −8.214* (4.401) | −8.214* (4.401) | −8.214* (4.401) | −8.214* (4.401) | −8.214* (4.401) | 67.94 | 67.94 | 67.94 | 67.94 | 67.94 | 67.94 |
| 2.076 (1.407) | 2.076 (1.407) | 2.076 (1.407) | 2.076 (1.407) | 2.076 (1.407) | 2.076 (1.407) | −1.073 (2.998) | −1.073 (2.998) | −1.073 (2.998) | −1.073 (2.998) | −1.073 (2.998) | −1.073 (2.998) | −0.452 (8.224) | −0.452 (8.224) | −0.452 (8.224) | −0.452 (8.224) | −0.452 (8.224) | −0.452 (8.224) | |
| 1.851* (1.092) | 1.851* (1.092) | 1.851* (1.092) | 1.851* (1.092) | 1.851* (1.092) | 1.851* (1.092) | 4.452 (2.789) | 4.452 (2.789) | 4.452 (2.789) | 4.452 (2.789) | 4.452 (2.789) | 4.452 (2.789) | 13.53 (9.203) | 13.53 (9.203) | 13.53 (9.203) | 13.53 (9.203) | 13.53 (9.203) | 13.53 (9.203) | |
| −0.0144 (0.0246) | −0.0144 (0.0246) | −0.0144 (0.0246) | −0.0144 (0.0246) | −0.0144 (0.0246) | −0.0144 (0.0246) | −0.0410 (0.0606) | −0.0410 (0.0606) | −0.0410 (0.0606) | −0.0410 (0.0606) | −0.0410 (0.0606) | −0.0410 (0.0606) | 0.462 | 0.462 | 0.462 | 0.462 | 0.462 | 0.462 | |
| 0.0837* (0.0464) | 0.0837* (0.0464) | 0.0837* (0.0464) | 0.0837* (0.0464) | 0.0837* (0.0464) | 0.0837* (0.0464) | −0.277 (0.253) | −0.277 (0.253) | −0.277 (0.253) | −0.277 (0.253) | −0.277 (0.253) | −0.277 (0.253) | −0.0758 (0.536) | −0.0758 (0.536) | −0.0758 (0.536) | −0.0758 (0.536) | −0.0758 (0.536) | −0.0758 (0.536) | |
| −1.327 | −1.327 | −1.327 | −1.327 | −1.327 | −1.327 | 0.000622 (0.643) | 0.000622 (0.643) | 0.000622 (0.643) | 0.000622 (0.643) | 0.000622 (0.643) | 0.000622 (0.643) | −2.267 (2.251) | −2.267 (2.251) | −2.267 (2.251) | −2.267 (2.251) | −2.267 (2.251) | −2.267 (2.251) | |
| Sqrt_Sub | −0.134 (0.0986) | −0.134 (0.0986) | −0.134 (0.0986) | −0.134 (0.0986) | −0.134 (0.0986) | −0.134 (0.0986) | 3.936 | 3.936 | 3.936 | 3.936 | 3.936 | 3.936 | 2.456* (1.372) | 2.456* (1.372) | 2.456* (1.372) | 2.456* (1.372) | 2.456* (1.372) | 2.456* (1.372) |
| −0.0223 | −0.0223 | −0.0223 | −0.0223 | −0.0223 | −0.0223 | 0.0135 (0.0113) | 0.0135 (0.0113) | 0.0135 (0.0113) | 0.0135 (0.0113) | 0.0135 (0.0113) | 0.0135 (0.0113) | −0.179 | −0.179 | −0.179 | −0.179 | −0.179 | −0.179 | |
| Sqrt_Age | −0.617 | −0.617 | −0.617 | −0.617 | −0.617 | −0.617 | −1.809 | −1.809 | −1.809 | −1.809 | −1.809 | −1.809 | 2.074 (1.477) | 2.074 (1.477) | 2.074 (1.477) | 2.074 (1.477) | 2.074 (1.477) | 2.074 (1.477) |
| 0.129 | 0.129 | 0.129 | 0.129 | 0.129 | 0.129 | 0.0438 (0.0832) | 0.0438 (0.0832) | 0.0438 (0.0832) | 0.0438 (0.0832) | 0.0438 (0.0832) | 0.0438 (0.0832) | −0.0895 (0.237) | −0.0895 (0.237) | −0.0895 (0.237) | −0.0895 (0.237) | −0.0895 (0.237) | −0.0895 (0.237) | |
| Restatement | 1.017 (0.896) | 1.017 (0.896) | 1.017 (0.896) | 1.017 (0.896) | 1.017 (0.896) | 1.017 (0.896) | 2.442 (3.398) | 2.442 (3.398) | 2.442 (3.398) | 2.442 (3.398) | 2.442 (3.398) | 2.442 (3.398) | 5.752 (5.698) | 5.752 (5.698) | 5.752 (5.698) | 5.752 (5.698) | 5.752 (5.698) | 5.752 (5.698) |
| Year | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Constant | 152.4 | 156.6 | 162.2 | 159.6 | 163.5 | 171.3 | 215.6 | 216.7 | 206.0 | 212.5 | 205.3 | 197.8 | 294.2 | 226.1 | 244.8 | 222.3 | 237.3 | 236.0 |
| Observations | 3,590 | 3,590 | 3,590 | 3,590 | 3,590 | 3,590 | 510 | 510 | 510 | 510 | 510 | 510 | 300 | 300 | 300 | 300 | 300 | 300 |
| 0.364 | 0.364 | 0.364 | 0.364 | 0.364 | 0.364 | 0.451 | 0.451 | 0.451 | 0.451 | 0.451 | 0.451 | 0.457 | 0.457 | 0.457 | 0.457 | 0.457 | 0.457 | |
***, **, * indicates significant at 1, 5, and 10% significance levels, respectively
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