Regression results for the effect of auditor industry specialization on audit report delays in the French, Moroccan and Tunisian companies
| Variables | French | Moroccan | Tunisian | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | 6 | 1 | 2 | 3 | 4 | 5 | 6 | 1 | 2 | 3 | 4 | 5 | 6 | |
| B4_B4_SPEC | −2.184 (4.630) | −20.18 (38.94) | – | |||||||||||||||
| B4_S1_SPEC | 7.776*** (2.428) | 6.136 (6.090) | 26.50* (15.05) | |||||||||||||||
| B4_S2_SPEC | −0.625 (4.839) | −77.51*** (14.23) | 9.721 (6.978) | |||||||||||||||
| S1_S1_SPEC | 19.18*** (6.347) | 54.81 (46.94) | – | |||||||||||||||
| S1_S2_SPEC | 4.341 (3.895) | 10.53 (9.227) | 53,953 (0) | |||||||||||||||
| S2_S2_SPEC | – | −30.18 (63.79) | −22.10 (24.19) | |||||||||||||||
| LNTA | −2.026*** (0.690) | −4.538*** (0.585) | −5.165*** (0.625) | −4.141** (1.630) | −2.909** (1.346) | 1.111 (1.776) | −7.247 (16.42) | −13.30*** (2.351) | −4.847 (3.172) | 0.656 (7.934) | 5.130 (3.109) | 9.301 (6.331) | 64.23 (0) | −90.68** (42.13) | −28.38*** (10.68) | 32.28 (0) | 1,912 (0) | −1.019 (14.40) |
| BUSY | −9.562*** (2.228) | 3.880** (1.755) | −2.883* (1.653) | −10.62* (5.518) | −8.605*** (3.077) | 9.592*** (2.339) | – | – | – | – | – | −66.28 (217.1) | – | – | – | – | – | – |
| IFRS | −17.43** (6.942) | −13.23*** (2.954) | −2.141 (1.814) | 5.954 (4.748) | −14.58*** (3.549) | 1.700 (3.453) | −71.12 (84.35) | −3.719 (15.26) | 8.062 (6.348) | −143.2 (154.4) | −26.60*** (8.351) | −39.05 (134.4) | – | −59.85 (281.5) | −42.53*** (10.24) | – | −46,143 (0) | 109.9*** (33.89) |
| OPINION | 4.154 (7.959) | 4.259 (3.383) | −4.514 (6.125) | 2.606 (10.51) | −14.10 (11.41) | 15.02 (9.245) | – | 8.819 (6.984) | −16.41*** (5.293) | 13.34* (7.509) | 19.66** (8.210) | −17.08 (117.0) | – | – | – | – | – | 2.508 (24.00) |
| CHANGE | 6.486* (3.353) | 2.588 (2.761) | −2.186 (2.773) | 0.912 (4.565) | 1.954 (3.438) | 0.488 (4.237) | 10.07 (11.10) | −0.964 (4.770) | −9.338 (9.059) | 4.539 (6.074) | −9.439 (7.325) | 6.265 (11.42) | 46.99 (0) | −19.39 (21.51) | 8.434 (8.619) | 18.01 (0) | 271.6 (0) | −3.056 (10.44) |
| LOSS | −2.998 (2.763) | −1.598 (1.886) | 3.929** (1.977) | 17.38*** (3.685) | 2.846 (3.613) | 1.858 (4.105) | 10.10 (9.135) | 5.040 (7.012) | −9.953* (5.952) | −17.09 (24.27) | 0.204 (6.601) | 7.665 (8.311) | 122.3 (0) | 36.58*** (12.04) | −22.28* (13.18) | −938.6 (0) | 23.29* (13.34) | |
| LEV | 0.112* (0.0635) | −0.110*** (0.0384) | 0.00202 (0.0446) | −0.360*** (0.0942) | 0.115 (0.0786) | −0.251*** (0.0721) | −0.205 (0.435) | 0.377*** (0.118) | 0.939*** (0.206) | 0.425 (0.290) | −0.302 (0.316) | 0.182 (0.236) | −4.553 (0) | 3.382 (2.482) | 0.913*** (0.321) | −12.87 (0) | 177.5 (0) | 0.152 (0.395) |
| ROA | −0.583*** (0.198) | −0.00800 (0.0807) | 0.335*** (0.0723) | 0.479** (0.218) | −0.110 (0.171) | −0.0341 (0.174) | 1.158 (1.376) | 0.218 (0.553) | −0.944** (0.397) | −1.290 (1.409) | −1.222 (0.755) | 0.820 (0.516) | −0.317 (0) | 1.003 (1.055) | −1.675* (0.880) | −0.984 (0) | −64.00 (0) | 0.482 (0.795) |
| MTB | −2.745*** (0.595) | −2.161*** (0.417) | 0.671* (0.378) | −0.608 (1.088) | −1.497* (0.880) | −0.492 (0.879) | −2.403 (3.794) | 1.100 (2.065) | 0.867 (1.103) | −2.925 (1.741) | −7.343** (3.632) | −3.589* (1.960) | −18.41 (0) | 8.546 (6.496) | 7.090* (3.657) | 21.02 (0) | −689.2 (0) | 0.942 (5.555) |
| Sqrt_Sub | −0.496*** (0.130) | −0.0615 (0.191) | 1.192*** (0.193) | 0.568 (0.442) | −0.174 (0.622) | −1.648*** (0.629) | −165.5 (139.5) | 9.215** (4.293) | 5.252*** (1.239) | 30.24 (27.20) | −7.487*** (1.644) | −1.149 (56.56) | 295.5 (0) | −188.3 (335.5) | −0.530 (3.400) | – | −26,906 (0) | 28.91*** (6.150) |
| LIQ | −0.0457*** (0.0131) | −0.00165 (0.00833) | −0.0307*** (0.00856) | −0.0139 (0.0164) | −0.0119 (0.0193) | 0.00219 (0.0150) | −0.156 (0.123) | 0.0349 (0.0299) | 0.0125 (0.0291) | 0.150*** (0.0494) | −0.141*** (0.0391) | −0.0178 (0.0226) | −0.961 (0) | −0.107 (0.170) | −0.271*** (0.0605) | −0.265 (0) | 5.974 (0) | −0.115* (0.0582) |
| Sqrt_Age | −1.664*** (0.393) | 0.632* (0.322) | −0.406 (0.294) | −3.216*** (0.989) | 0.595 (0.529) | −1.866*** (0.549) | −67.68 (67.70) | −7.530** (2.985) | 11.16** (4.686) | 7.406 (5.889) | −4.857** (2.274) | −2.845 (37.99) | −123.5 (0) | −82.58 (327.8) | 7.451*** (2.022) | 0.666 (0) | 4,017 (0) | −2.454 (13.68) |
| SHARES | 0.240*** (0.0305) | 0.0849*** (0.0298) | −0.0404 (0.0381) | −0.151*** (0.0570) | 0.167** (0.0727) | 0.195** (0.0757) | 0.190 (0.751) | −0.132 (0.178) | −0.411*** (0.108) | −0.539 (0.442) | 0.484*** (0.146) | −0.00613 (0.0680) | 1.884 (0) | 0.692 (1.243) | −0.200 (0.214) | 3.535 (0) | −12.32 (0) | −0.00799 (0.422) |
| Restatement | −0.0684 (1.872) | −0.131 (1.523) | 4.262*** (1.563) | −0.414 (3.828) | 1.043 (2.916) | 0.500 (3.229) | 10.60 (6.862) | −9.494* (5.150) | 5.510 (4.085) | −0.598 (7.360) | 3.190 (5.230) | −7.912 (6.046) | 373.8 (0) | −15.24 (11.88) | 7.947 (6.392) | 67.97 (0) | −7.665 (10.23) | |
| 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 | 168.0*** (14.31) | 161.2*** (7.967) | 168.6*** (10.31) | 187.4*** (21.77) | 177.3*** (19.50) | 95.91*** (25.34) | 881.1 (690.6) | 305.6*** (49.20) | 96.83* (58.12) | 20.66 (141.7) | 60.21 (38.03) | 78.84 (453.1) | −165.8 (0) | 1,452 (1,893) | 438.6*** (140.3) | −263.1 (0) | −11,141 (0) | 144.5* (80.49) |
| Observations | 715 | 1,092 | 879 | 214 | 397 | 293 | 51 | 87 | 107 | 57 | 112 | 96 | 21 | 51 | 105 | 10 | 24 | 89 |
| R-squared | 0.436 | 0.357 | 0.186 | 0.479 | 0.357 | 0.330 | 0.827 | 0.786 | 0.817 | 0.746 | 0.704 | 0.925 | 1.000 | 0.719 | 0.799 | 1.000 | 1.000 | 0.839 |
| Variables | French | Moroccan | Tunisian | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | 6 | 1 | 2 | 3 | 4 | 5 | 6 | 1 | 2 | 3 | 4 | 5 | 6 | |
| B4_B4_SPEC | −2.184 (4.630) | −20.18 (38.94) | – | |||||||||||||||
| B4_S1_SPEC | 7.776 | 6.136 (6.090) | 26.50* (15.05) | |||||||||||||||
| B4_S2_SPEC | −0.625 (4.839) | −77.51 | 9.721 (6.978) | |||||||||||||||
| S1_S1_SPEC | 19.18 | 54.81 (46.94) | – | |||||||||||||||
| S1_S2_SPEC | 4.341 (3.895) | 10.53 (9.227) | 53,953 (0) | |||||||||||||||
| S2_S2_SPEC | – | −30.18 (63.79) | −22.10 (24.19) | |||||||||||||||
| −2.026 | −4.538 | −5.165 | −4.141 | −2.909 | 1.111 (1.776) | −7.247 (16.42) | −13.30 | −4.847 (3.172) | 0.656 (7.934) | 5.130 (3.109) | 9.301 (6.331) | 64.23 (0) | −90.68 | −28.38 | 32.28 (0) | 1,912 (0) | −1.019 (14.40) | |
| −9.562 | 3.880 | −2.883* (1.653) | −10.62* (5.518) | −8.605 | 9.592 | – | – | – | – | – | −66.28 (217.1) | – | – | – | – | – | – | |
| −17.43 | −13.23 | −2.141 (1.814) | 5.954 (4.748) | −14.58 | 1.700 (3.453) | −71.12 (84.35) | −3.719 (15.26) | 8.062 (6.348) | −143.2 (154.4) | −26.60 | −39.05 (134.4) | – | −59.85 (281.5) | −42.53 | – | −46,143 (0) | 109.9 | |
| OPINION | 4.154 (7.959) | 4.259 (3.383) | −4.514 (6.125) | 2.606 (10.51) | −14.10 (11.41) | 15.02 (9.245) | – | 8.819 (6.984) | −16.41 | 13.34* (7.509) | 19.66 | −17.08 (117.0) | – | – | – | – | – | 2.508 (24.00) |
| 6.486* (3.353) | 2.588 (2.761) | −2.186 (2.773) | 0.912 (4.565) | 1.954 (3.438) | 0.488 (4.237) | 10.07 (11.10) | −0.964 (4.770) | −9.338 (9.059) | 4.539 (6.074) | −9.439 (7.325) | 6.265 (11.42) | 46.99 (0) | −19.39 (21.51) | 8.434 (8.619) | 18.01 (0) | 271.6 (0) | −3.056 (10.44) | |
| −2.998 (2.763) | −1.598 (1.886) | 3.929 | 17.38 | 2.846 (3.613) | 1.858 (4.105) | 10.10 (9.135) | 5.040 (7.012) | −9.953* (5.952) | −17.09 (24.27) | 0.204 (6.601) | 7.665 (8.311) | 122.3 (0) | 36.58 | −22.28* (13.18) | −938.6 (0) | 23.29* (13.34) | ||
| 0.112* (0.0635) | −0.110 | 0.00202 (0.0446) | −0.360 | 0.115 (0.0786) | −0.251 | −0.205 (0.435) | 0.377 | 0.939 | 0.425 (0.290) | −0.302 (0.316) | 0.182 (0.236) | −4.553 (0) | 3.382 (2.482) | 0.913 | −12.87 (0) | 177.5 (0) | 0.152 (0.395) | |
| −0.583 | −0.00800 (0.0807) | 0.335 | 0.479 | −0.110 (0.171) | −0.0341 (0.174) | 1.158 (1.376) | 0.218 (0.553) | −0.944 | −1.290 (1.409) | −1.222 (0.755) | 0.820 (0.516) | −0.317 (0) | 1.003 (1.055) | −1.675* (0.880) | −0.984 (0) | −64.00 (0) | 0.482 (0.795) | |
| −2.745 | −2.161 | 0.671* (0.378) | −0.608 (1.088) | −1.497* (0.880) | −0.492 (0.879) | −2.403 (3.794) | 1.100 (2.065) | 0.867 (1.103) | −2.925 (1.741) | −7.343 | −3.589* (1.960) | −18.41 (0) | 8.546 (6.496) | 7.090* (3.657) | 21.02 (0) | −689.2 (0) | 0.942 (5.555) | |
| Sqrt_Sub | −0.496 | −0.0615 (0.191) | 1.192 | 0.568 (0.442) | −0.174 (0.622) | −1.648 | −165.5 (139.5) | 9.215 | 5.252 | 30.24 (27.20) | −7.487 | −1.149 (56.56) | 295.5 (0) | −188.3 (335.5) | −0.530 (3.400) | – | −26,906 (0) | 28.91 |
| −0.0457 | −0.00165 (0.00833) | −0.0307 | −0.0139 (0.0164) | −0.0119 (0.0193) | 0.00219 (0.0150) | −0.156 (0.123) | 0.0349 (0.0299) | 0.0125 (0.0291) | 0.150 | −0.141 | −0.0178 (0.0226) | −0.961 (0) | −0.107 (0.170) | −0.271 | −0.265 (0) | 5.974 (0) | −0.115* (0.0582) | |
| Sqrt_Age | −1.664 | 0.632* (0.322) | −0.406 (0.294) | −3.216 | 0.595 (0.529) | −1.866 | −67.68 (67.70) | −7.530 | 11.16 | 7.406 (5.889) | −4.857 | −2.845 (37.99) | −123.5 (0) | −82.58 (327.8) | 7.451 | 0.666 (0) | 4,017 (0) | −2.454 (13.68) |
| 0.240 | 0.0849 | −0.0404 (0.0381) | −0.151 | 0.167 | 0.195 | 0.190 (0.751) | −0.132 (0.178) | −0.411 | −0.539 (0.442) | 0.484 | −0.00613 (0.0680) | 1.884 (0) | 0.692 (1.243) | −0.200 (0.214) | 3.535 (0) | −12.32 (0) | −0.00799 (0.422) | |
| Restatement | −0.0684 (1.872) | −0.131 (1.523) | 4.262 | −0.414 (3.828) | 1.043 (2.916) | 0.500 (3.229) | 10.60 (6.862) | −9.494* (5.150) | 5.510 (4.085) | −0.598 (7.360) | 3.190 (5.230) | −7.912 (6.046) | 373.8 (0) | −15.24 (11.88) | 7.947 (6.392) | 67.97 (0) | −7.665 (10.23) | |
| 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 | 168.0 | 161.2 | 168.6 | 187.4 | 177.3 | 95.91 | 881.1 (690.6) | 305.6 | 96.83* (58.12) | 20.66 (141.7) | 60.21 (38.03) | 78.84 (453.1) | −165.8 (0) | 1,452 (1,893) | 438.6 | −263.1 (0) | −11,141 (0) | 144.5* (80.49) |
| Observations | 715 | 1,092 | 879 | 214 | 397 | 293 | 51 | 87 | 107 | 57 | 112 | 96 | 21 | 51 | 105 | 10 | 24 | 89 |
| 0.436 | 0.357 | 0.186 | 0.479 | 0.357 | 0.330 | 0.827 | 0.786 | 0.817 | 0.746 | 0.704 | 0.925 | 1.000 | 0.719 | 0.799 | 1.000 | 1.000 | 0.839 | |
***, **, * indicates significant at 1, 5, and 10% significance levels, respectively
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