Non-financial misconduct and audit fees
| Variables | (1) | (2) |
|---|---|---|
| LAF | LAF | |
| LNPEN | 0.011*** (7.618) | |
| LNNUM | 0.116*** (7.236) | |
| LIQ | −0.026** (−2.512) | −0.027*** (−2.600) |
| CA_TA | 0.175 (1.616) | 0.193* (1.775) |
| INVREC | 0.729*** (5.331) | 0.716*** (5.240) |
| ROA | −1.882*** (−10.551) | −1.857*** (−10.407) |
| LOSS | −0.089*** (−2.721) | −0.085*** (−2.612) |
| INTANG | 0.035 (0.447) | 0.047 (0.595) |
| GC | 0.338 (1.277) | 0.333 (1.255) |
| MW | 0.298*** (7.736) | 0.300*** (7.783) |
| RESTATE | 0.135** (2.190) | 0.137** (2.223) |
| LEV | 0.405*** (5.228) | 0.405*** (5.231) |
| Z | −0.023*** (−3.775) | −0.023*** (−3.763) |
| SIZE | 0.365*** (33.948) | 0.362*** (33.198) |
| MERGER | 0.006 (0.420) | 0.007 (0.427) |
| FRGN | 0.129*** (5.574) | 0.131*** (5.657) |
| LNSEG | 0.162*** (7.636) | 0.158*** (7.435) |
| LNGEO | 0.118*** (5.016) | 0.121*** (5.092) |
| BUSY | 0.072*** (2.830) | 0.071*** (2.777) |
| BIG4 | 0.225*** (4.526) | 0.228*** (4.553) |
| SP | 0.169*** (4.408) | 0.161*** (4.263) |
| LNTENURE | −0.042** (−2.226) | −0.041** (−2.194) |
| AUD_CH | −0.179*** (−4.357) | −0.179*** (−4.350) |
| LNAF | 0.099*** (14.187) | 0.099*** (14.139) |
| DUAL | −0.015 (−0.820) | −0.017 (−0.953) |
| CEOEXP | 0.195** (2.171) | 0.190** (2.048) |
| Intercept | 10.386*** (53.955) | 10.434*** (59.196) |
| Year and industry FE | Yes | Yes |
| N | 10,233 | 10,233 |
| Adjusted R2 | 0.794 | 0.795 |
| Variables | (1) | (2) |
|---|---|---|
| 0.011 | ||
| 0.116 | ||
| −0.026 | −0.027 | |
| CA_TA | 0.175 (1.616) | 0.193 |
| 0.729 | 0.716 | |
| −1.882 | −1.857 | |
| −0.089 | −0.085 | |
| 0.035 (0.447) | 0.047 (0.595) | |
| 0.338 (1.277) | 0.333 (1.255) | |
| 0.298 | 0.300 | |
| RESTATE | 0.135 | 0.137 |
| 0.405 | 0.405 | |
| Z | −0.023 | −0.023 |
| 0.365 | 0.362 | |
| 0.006 (0.420) | 0.007 (0.427) | |
| 0.129 | 0.131 | |
| 0.162 | 0.158 | |
| 0.118 | 0.121 | |
| 0.072 | 0.071 | |
| BIG4 | 0.225 | 0.228 |
| 0.169 | 0.161 | |
| LNTENURE | −0.042 | −0.041 |
| AUD_CH | −0.179 | −0.179 |
| 0.099 | 0.099 | |
| −0.015 (−0.820) | −0.017 (−0.953) | |
| 0.195 | 0.190 | |
| Intercept | 10.386 | 10.434 |
| Year and industry | Yes | Yes |
| 10,233 | 10,233 | |
| Adjusted | 0.794 | 0.795 |
*, ** and *** indicate significance (two-tailed) at 0.10, 0.05 and 0.01 levels, respectively. Standard errors are robust to heteroscedasticity and clustered by firm
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