The effect of executive turnover on the relationship between non-financial misconduct and audit fees
| Variables | (1) | (2) |
|---|---|---|
| LAF | LAF | |
| LNPEN | 0.011*** (7.599) | |
| LNPEN × TURNOVER | −0.004* (−1.701) | |
| LNNUM | 0.116*** (7.224) | |
| LNNUM × TURNOVER | −0.037* (−1.895) | |
| TURNOVER | 0.051*** (3.254) | 0.051*** (3.321) |
| Intercept | 10.387*** (54.107) | 10.436*** (59.497) |
| Control variables | Yes | Yes |
| Year and industry FE | Yes | Yes |
| N | 10,233 | 10,233 |
| Adjusted R2 | 0.794 | 0.795 |
| Variables | (1) | (2) |
|---|---|---|
| 0.011 | ||
| −0.004 | ||
| 0.116 | ||
| −0.037 | ||
| TURNOVER | 0.051 | 0.051 |
| Intercept | 10.387 | 10.436 |
| Control variables | Yes | Yes |
| 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. LNPEN × TURNOVER is the mean-centered interaction term measured as (LNPEN – mean value of LNPEN) × (TURNOVER – mean value of TURNOVER). LNNUM × TURNOVER is the mean-centered interaction term measured as (LNNUM– mean value of LNNUM) × (TURNOVER – mean value of TURNOVER). The control variables used in Columns 1–2 are obtained from Model 1
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