Table 3 Regression results Variables...

Table 3

Regression results

Variables	Model 1		Model 2		Model 3		Model 4
Variables	Coefficient	t	Coefficient	t	Coefficient	t	Coefficient	t
NKAMs	0.08**	3.99	−0.01	−0.36	−0.82**	−4.98	−0.93**	−5.64
BIG4	0.27**	5.73	0.01	0.16	0.27**	5.88	0.27**	5.89
NKAMsBIG4*			0.12**	2.65
GCOs	0.34**	3.55	0.37**	3.82	0.43**	4.44	0.43**	4.51
ARL	0.00**	3.43	0.00**	3.43	0.00**	3.34	0.00**	3.39
NAFEE	0.02**	4.87	0.02**	5.02	0.02**	5.43	0.03**	5.57
ATURN	0.01**	4.13	0.01**	4.09	0.01**	4.47	0.00**	4.04
CSIZE	0.23**	12.10	0.23**	12.06	0.14**	5.46	0.23**	12.09
NKAMsCSIZE*					0.04**	5.51
CAGE	0.00	1.72	0.00	1.57	0.00	1.01	0.00	0.97
MCAP	0.09**	3.77	0.07**	3.93	0.07**	3.93	0.07**	3.92
REV	0.20**	10.12	0.20**	9.94	0.20**	10.03	0.09**	3.47
NKAMsREV*							0.05**	6.18
COVID	−0.00	−0.02	−0.00	−0.08	0.00	0.02
Constant	1.66**	6.13	1.89**	6.67	3.75**	8.09	4.02**	8.64
Year fixed effects		Yes		Yes		Yes		Yes
Observations		1,163		1,163		1,163		1,163
Prob > F		0.00		0.00		0.00		0.00
Adj. R-squared		0.803		0.804		0.808		0.809

Variables	Model 1		Model 2		Model 3		Model 4
Variables	Coefficient	t	Coefficient	t	Coefficient	t	Coefficient	t
NKAMs	0.08**	3.99	−0.01	−0.36	−0.82**	−4.98	−0.93**	−5.64
BIG4	0.27**	5.73	0.01	0.16	0.27**	5.88	0.27**	5.89
NKAMs*BIG4			0.12**	2.65
GCOs	0.34**	3.55	0.37**	3.82	0.43**	4.44	0.43**	4.51
ARL	0.00**	3.43	0.00**	3.43	0.00**	3.34	0.00**	3.39
NAFEE	0.02**	4.87	0.02**	5.02	0.02**	5.43	0.03**	5.57
ATURN	0.01**	4.13	0.01**	4.09	0.01**	4.47	0.00**	4.04
CSIZE	0.23**	12.10	0.23**	12.06	0.14**	5.46	0.23**	12.09
NKAMs*CSIZE					0.04**	5.51
CAGE	0.00	1.72	0.00	1.57	0.00	1.01	0.00	0.97
MCAP	0.09**	3.77	0.07**	3.93	0.07**	3.93	0.07**	3.92
REV	0.20**	10.12	0.20**	9.94	0.20**	10.03	0.09**	3.47
NKAMs*REV							0.05**	6.18
COVID	−0.00	−0.02	−0.00	−0.08	0.00	0.02
Constant	1.66**	6.13	1.89**	6.67	3.75**	8.09	4.02**	8.64
Year fixed effects		Yes		Yes		Yes		Yes
Observations		1,163		1,163		1,163		1,163
Prob > F		0.00		0.00		0.00		0.00
Adj. R-squared		0.803		0.804		0.808		0.809

Note(s): The dependent variable is audit fees (AFEE), ** represents significance at 1%, and * represents significance at 5%

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