Table IV. Additional analysis: pre and...

Table IV.

Additional analysis: pre and post financial crisis

	Non-audit fees to total fees ratio				Log of audit fee				Log of non-audit fee
	Model 1: Chair		Model 2: Directors		Model 1: Chair		Model 2: Directors		Model 1: Chair		Model 2: Directors
Dependent variable	Coef.	t-stat	Coef.	t-stat	Coef.	t-stat	Coef.	t-stat	Coef.	t-stat	Coef.	t-stat
Panel A: pre-financial crisis
Affiliated alumni chair	0.125	3.191***			−0.123	−2.370**			0.471	1.511
Unaffiliated alumni chair	−0.005	−0.119			−0.027	−0.598			−0.231	−0.778
Affiliated alumni			0.179	3.254***			−0.180	−2.979***			−0.058	−0.135
Unaffiliated alumni			0.011	0.338			−0.122	−2.023**			−0.655	−1.900*
Panel B: post financial crisis
Affiliated alumni chair	0.183	3.437***			−0.163	−2.014**			0.021	0.064
Unaffiliated alumni chair	0.015	0.593			−0.037	−0.988			−0.160	−0.668
Affiliated alumni			0.059	1.221			−0.056	−0.937			−0.023	−0.053
Unaffiliated alumni			−0.016	−0.533			−0.016	−0.376			−0.296	−0.674

	Non-audit fees to total fees ratio				Log of audit fee				Log of non-audit fee
	Model 1: Chair		Model 2: Directors		Model 1: Chair		Model 2: Directors		Model 1: Chair		Model 2: Directors
Dependent variable	Coef.	t-stat	Coef.	t-stat	Coef.	t-stat	Coef.	t-stat	Coef.	t-stat	Coef.	t-stat
Panel A: pre-financial crisis
Affiliated alumni chair	0.125	3.191***			−0.123	−2.370**			0.471	1.511
Unaffiliated alumni chair	−0.005	−0.119			−0.027	−0.598			−0.231	−0.778
Affiliated alumni			0.179	3.254***			−0.180	−2.979***			−0.058	−0.135
Unaffiliated alumni			0.011	0.338			−0.122	−2.023**			−0.655	−1.900*
Panel B: post financial crisis
Affiliated alumni chair	0.183	3.437***			−0.163	−2.014**			0.021	0.064
Unaffiliated alumni chair	0.015	0.593			−0.037	−0.988			−0.160	−0.668
Affiliated alumni			0.059	1.221			−0.056	−0.937			−0.023	−0.053
Unaffiliated alumni			−0.016	−0.533			−0.016	−0.376			−0.296	−0.674

Notes:

All p-values are two-tailed. *, **, and *** denote p < 0.1, p < 0.05 and p < 0.01, respectively. The standard errors to calculate p-values are obtained after clustering observations from unique firms. Results are based on the same model as in Table 3, but for brevity, the control variables are not tabulated. All variables are as defined in Table 1

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