Regression result of large vs small firms (H2)
| Variables | Small firms | Large firms | ||||||
|---|---|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (1) | (2) | (3) | (4) | |
| Num KAM | Num KAM | Word KAM | Word KAM | Num KAM | Num KAM | Word KAM | Word KAM | |
| lnProx_KM | −0.085*** (0.027) | −0.092*** (0.034) | −0.001 (0.030) | 0.032 (0.031) | ||||
| lnProx_Min | −0.101*** (0.030) | −0.116*** (0.037) | 0.010 (0.038) | 0.040 (0.039) | ||||
| Constant | 0.137 (1.288) | 0.129 (1.282) | 4.842*** (1.590) | 4.847*** (1.581) | −0.951 (1.058) | −0.899 (1.065) | 5.833*** (1.088) | 5.882*** (1.096) |
| Observation | 233 | 233 | 233 | 233 | 232 | 232 | 232 | 232 |
| Adjusted R2 | 0.100 | 0.107 | 0.078 | 0.088 | 0.251 | 0.251 | 0.203 | 0.203 |
| Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Prob > F | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 |
| Variables | Small firms | Large firms | ||||||
|---|---|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (1) | (2) | (3) | (4) | |
| Num | Num | Word | Word | Num | Num | Word | Word | |
| lnProx_KM | −0.085 | −0.092 | −0.001 (0.030) | 0.032 (0.031) | ||||
| lnProx_Min | −0.101 | −0.116 | 0.010 (0.038) | 0.040 (0.039) | ||||
| Constant | 0.137 (1.288) | 0.129 (1.282) | 4.842 | 4.847 | −0.951 (1.058) | −0.899 (1.065) | 5.833 | 5.882 |
| Observation | 233 | 233 | 233 | 233 | 232 | 232 | 232 | 232 |
| Adjusted | 0.100 | 0.107 | 0.078 | 0.088 | 0.251 | 0.251 | 0.203 | 0.203 |
| Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Prob > | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 |
This table reports the cross-sectional results showing the impact of auditor−client geograp-hic proximity on KAMs disclosures between large vs small firms. Variable definitions are provided in Table 2. ***p < 0.01, **p < 0.05, *p < 0.10. Standard errors are reported in parentheses
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