Table 4. Regression results of audit... | Emerald Publishing

Table 4.

Regression results of audit fees

	Early adopters			Late adopters
Variable	1	2	3	4	5	6
IFRS	0.243*** (2.75)	0.256*** (3.01)	0.214** (2.33)	0.019* (1.77)	0.021 (1.47)	0.026 (1.51)
Auditing time		0.112*** (2.89)	0.147*** (3.09)		0.132*** (3.29)	0.129*** (3.41)
Audit switch		0.012 (1.22)	0.011 (1.37)		0.009 (1.51)	0.010 (1.53)
Big4		0.003** (1.97)	0.005** (2.33)		0.002* (1.73)	0.002 (1.43)
Firm size		0.115*** (4.07)	0.119** (2.11)		0.112*** (5.33)	0.109*** (4.09)
Profitability		0.001 (0.89)	0.001 (0.99)		0.008 (0.63)	0.006 (0.86)
Return on assets		−0.004 (−1.46)	−0.006 (−1.39)		0.010 (1.56)	0.009 (1.59)
Leverage		0.312 (1.61)	0.287* (1.69)		0.112** (2.25)	0.187** (2.19)
Industry effect	–	–	Yes	–	–	Yes
Constant	3.09*** (6.92)	4.25*** (7.12)	4.01*** (6.61)	3.21*** (5.11)	3.59*** (4.87)	3.39*** (4.71)
Adj. R²	0.143	0.166	0.169	0.136	0.146	0.159
Observation	975	975	975	595	595	595
Firms	195	195	195	119	119	119

	Early adopters			Late adopters
Variable	1	2	3	4	5	6
IFRS	0.243*** (2.75)	0.256*** (3.01)	0.214** (2.33)	0.019* (1.77)	0.021 (1.47)	0.026 (1.51)
Auditing time		0.112*** (2.89)	0.147*** (3.09)		0.132*** (3.29)	0.129*** (3.41)
Audit switch		0.012 (1.22)	0.011 (1.37)		0.009 (1.51)	0.010 (1.53)
Big4		0.003** (1.97)	0.005** (2.33)		0.002* (1.73)	0.002 (1.43)
Firm size		0.115*** (4.07)	0.119** (2.11)		0.112*** (5.33)	0.109*** (4.09)
Profitability		0.001 (0.89)	0.001 (0.99)		0.008 (0.63)	0.006 (0.86)
Return on assets		−0.004 (−1.46)	−0.006 (−1.39)		0.010 (1.56)	0.009 (1.59)
Leverage		0.312 (1.61)	0.287* (1.69)		0.112** (2.25)	0.187** (2.19)
Industry effect	–	–	Yes	–	–	Yes
Constant	3.09*** (6.92)	4.25*** (7.12)	4.01*** (6.61)	3.21*** (5.11)	3.59*** (4.87)	3.39*** (4.71)
Adj. R²	0.143	0.166	0.169	0.136	0.146	0.159
Observation	975	975	975	595	595	595
Firms	195	195	195	119	119	119

Notes:

t-statistics in parentheses.

Significant levels ––*** = 1%; ** = 5%; *= 10%