Endogeneity tests results (EB and PSM regression results)
| Variables | EB results | PSM results | |
|---|---|---|---|
| AFEE | AFEE | AFEE | |
| NKAMs | 0.20** | 0.16** | 0.07** |
| (3.09) | (2.95) | (2.98) | |
| BIG4 | 0.20** | 0.26** | |
| (2.85) | (4.00) | ||
| GCOs | 0.53** | 0.55** | |
| (4.11) | (4.02) | ||
| ARL | 0.00* | 0.00 | |
| (2.53) | (1.36) | ||
| NAFEES | 0.05** | 0.03** | |
| (4.35) | (5.07) | ||
| ATURN | 0.00** | 0.03* | |
| (3.52) | (2.35) | ||
| CSIZE | 0.23** | 0.27** | |
| (4.85) | (9.08) | ||
| CAGE | 0.00 | 0.00 | |
| (1.81) | (0.46) | ||
| MCAP | 0.15** | 0.09** | |
| (3.85) | (3.60) | ||
| REV | 0.17** | 0.17** | |
| (4.44) | (6.08) | ||
| COVID | 0.01 | 0.06 | |
| (0.09) | (0.65) | ||
| Constant | 0.74 | 13.23** | 1.31** |
| (1.68) | (91.89) | (3.39) | |
| Number of observations | 1,163 | 712 | 712 |
| R-squared/Adjusted R-squared | 0.794 | 0.011 | 0.784 |
| Variables | EB results | PSM results | |
|---|---|---|---|
| AFEE | AFEE | AFEE | |
| NKAMs | 0.20** | 0.16** | 0.07** |
| (3.09) | (2.95) | (2.98) | |
| BIG4 | 0.20** | 0.26** | |
| (2.85) | (4.00) | ||
| GCOs | 0.53** | 0.55** | |
| (4.11) | (4.02) | ||
| ARL | 0.00* | 0.00 | |
| (2.53) | (1.36) | ||
| NAFEES | 0.05** | 0.03** | |
| (4.35) | (5.07) | ||
| ATURN | 0.00** | 0.03* | |
| (3.52) | (2.35) | ||
| CSIZE | 0.23** | 0.27** | |
| (4.85) | (9.08) | ||
| CAGE | 0.00 | 0.00 | |
| (1.81) | (0.46) | ||
| MCAP | 0.15** | 0.09** | |
| (3.85) | (3.60) | ||
| REV | 0.17** | 0.17** | |
| (4.44) | (6.08) | ||
| COVID | 0.01 | 0.06 | |
| (0.09) | (0.65) | ||
| Constant | 0.74 | 13.23** | 1.31** |
| (1.68) | (91.89) | (3.39) | |
| Number of observations | 1,163 | 712 | 712 |
| 0.794 | 0.011 | 0.784 | |
Note(s): The dependent variable is audit fees (AFEE), ** represents significance at 1%, and * represents significance at 5%
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