Regression result for highly risky firms
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Variables | High leverage | High leverage | Distress | Distress |
| lnProx_KM | −0.037 (0.052) | −0.519 (0.351) | ||
| lnProx_Min | −0.034 (0.062) | −0.627 (0.399) | ||
| Constant | 3.733** (1.189) | 3.691** (1.504) | 21.187 (7.612) | 18.810 (6.961) |
| Observation | 465 | 465 | 465 | 465 |
| Adjusted R2 | 0.109 | 0.108 | 0.103 | 0.887 |
| Controls | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes |
| Industry FE | Yes | Yes | Yes | Yes |
| Prob > F | 0.000 | 0.000 | 0.000 | 0.000 |
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Variables | High leverage | High leverage | Distress | Distress |
| lnProx_KM | −0.037 (0.052) | −0.519 (0.351) | ||
| lnProx_Min | −0.034 (0.062) | −0.627 (0.399) | ||
| Constant | 3.733 | 3.691 | 21.187 (7.612) | 18.810 (6.961) |
| Observation | 465 | 465 | 465 | 465 |
| Adjusted | 0.109 | 0.108 | 0.103 | 0.887 |
| Controls | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes |
| Industry | Yes | Yes | Yes | Yes |
| Prob > | 0.000 | 0.000 | 0.000 | 0.000 |
This table reports the regression results showing the impact of auditor−client geographic proximity on KAMs disclosures only for highly risky and 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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