Regression result for distress vs non-distress firms
| Variables | Non-distress firms | Distress 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 | −0.024 (0.027) | 0.001 (0.032) | −0.051* (0.034) | −0.078** (0.035) | ||||
| lnProx_Min | −0.023 (0.032) | −0.010 (0.038) | −0.068* (0.038) | −0.096** (0.039) | ||||
| Constant | 0.130 (0.789) | 0.115 (0.798) | 5.706*** (0.950) | 5.646*** (0.961) | −0.333 (0.947) | −0.483 (0.949) | 4.566*** (0.978) | 4.357*** (0.979) |
| Observation | 242 | 242 | 242 | 242 | 223 | 223 | 223 | 223 |
| Adjusted R2 | 0.130 | 0.129 | 0.103 | 0.103 | 0.142 | 0.146 | 0.133 | 0.138 |
| 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 | Non-distress firms | Distress firms | ||||||
|---|---|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (1) | (2) | (3) | (4) | |
| NUM_KAM | ||||||||
| lnProx_KM | −0.024 (0.027) | 0.001 (0.032) | −0.051 | −0.078 | ||||
| lnProx_Min | −0.023 (0.032) | −0.010 (0.038) | −0.068 | −0.096 | ||||
| Constant | 0.130 (0.789) | 0.115 (0.798) | 5.706 | 5.646 | −0.333 (0.947) | −0.483 (0.949) | 4.566 | 4.357 |
| Observation | 242 | 242 | 242 | 242 | 223 | 223 | 223 | 223 |
| Adjusted | 0.130 | 0.129 | 0.103 | 0.103 | 0.142 | 0.146 | 0.133 | 0.138 |
| 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 geographic proximity on KAMs disclosures between distressed vs non-distressed 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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