Regression results (moderating effect of audit committee independence)
| Variables | Model 7 | Model 8 | Model 9 | Model 10 |
|---|---|---|---|---|
| FirmCmplx1 | 0.078*** (0.001) | 0.081* (0.089) | ||
| FirmCmplx2 | 0.042*** (0.000) | 0.045*** (0.000) | ||
| AuditIndep | 0.049* (0.069) | 0.364 (0.424) | 0.018 (0.314) | 0.110 (0.264) |
| FirmCmplx1*AuditIndep | 0.117** (0.015) | |||
| FirmCmplx2*AuditIndep | 0.025* (0.069) | |||
| Raudit | 0.199*** (0.000) | −0.154*** (0.000) | −0.143*** (0.000) | −0.133*** (0.000) |
| AudTenure | 0.066*** (0.000) | 0.038*** (0.001) | 0.026*** (0.002) | 0.023*** (0.000) |
| LossInd | −0.147*** (0.000) | −0.038*** (0.001) | −0.109*** (0.000) | −0.071** (0.003) |
| BusyInd | 0.108*** (0.000) | 0.002 (0.949) | 0.042** (0.032) | 0.042 (0.154) |
| FirmAGE | −0.013 (0.386) | 0.147*** (0.002) | 0.028*** (0.007) | 0.020** (0.017) |
| Big4 | 0.070*** (0.004) | 0.085*** (0.003) | 0.103*** (0.000) | 0.071*** (0.006) |
| ExportInD | 0.049 (0.428) | 0.180* (0.097) | 0.038 (0.252) | −0.045 (0.192) |
| Const | 2.889*** (0.000) | 2.687*** (0.000) | 2.226*** (0.000) | 1.847*** (0.000) |
| AR(1) | −2.573*** (0.010) | −2.464** (0.014) | −2.602*** (0.009) | −2.603*** (0.009) |
| AR(2) | −0.939 (0.348) | −0.942 (0.346) | −0.939 (0.348) | −0.950 (0.342) |
| Hansen J-Statistics | 58.41 (0.351) | 39.89 (0.564) | 73.03 (0.411) | 72.23 (0.470) |
| Variables | Model 7 | Model 8 | Model 9 | Model 10 |
|---|---|---|---|---|
| FirmCmplx1 | 0.078 | 0.081 | ||
| FirmCmplx2 | 0.042 | 0.045 | ||
| AuditIndep | 0.049 | 0.364 (0.424) | 0.018 (0.314) | 0.110 (0.264) |
| FirmCmplx1 | 0.117 | |||
| FirmCmplx2 | 0.025 | |||
| Raudit | 0.199 | −0.154 | −0.143 | −0.133 |
| AudTenure | 0.066 | 0.038 | 0.026 | 0.023 |
| LossInd | −0.147 | −0.038 | −0.109 | −0.071 |
| BusyInd | 0.108 | 0.002 (0.949) | 0.042 | 0.042 (0.154) |
| FirmAGE | −0.013 (0.386) | 0.147 | 0.028 | 0.020 |
| Big4 | 0.070 | 0.085 | 0.103 | 0.071 |
| ExportInD | 0.049 (0.428) | 0.180 | 0.038 (0.252) | −0.045 (0.192) |
| Const | 2.889 | 2.687 | 2.226 | 1.847 |
| AR(1) | −2.573 | −2.464 | −2.602 | −2.603 |
| AR(2) | −0.939 (0.348) | −0.942 (0.346) | −0.939 (0.348) | −0.950 (0.342) |
| Hansen J-Statistics | 58.41 (0.351) | 39.89 (0.564) | 73.03 (0.411) | 72.23 (0.470) |
***p < 0.01 denotes significant at 1 % level; **p < 0.05 denotes significant at 5 % level; *p < 0.10 denotes significant at 10 % level
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