Multivariate analysis of audit fees and auditor industry leadership: Italy sample
| Dependent variable is the natural logarithm of audit fees (N = 1,050) | ||||||
|---|---|---|---|---|---|---|
| Model (1) | Model (2) | Model (3) | ||||
| Estimate | p-value | Estimate | p-value | Estimate | p-value | |
| Panel A | ||||||
| Intercept | 10.470 | <0.001 | 10.266 | <0.001 | 10.521 | <0.001 |
| SIZE | 0.268 | <0.001 | 0.272 | <0.001 | 0.282 | <0.001 |
| CATA | 0.628 | 0.015 | 0.647 | 0.014 | 0.653 | 0.013 |
| QUICK | −0.216 | <0.001 | −0.219 | <0.001 | −0.212 | <0.001 |
| LEV | −0.489 | 0.118 | −0.489 | 0.121 | −0.469 | 0.138 |
| ROA | −0.669 | 0.165 | −0.667 | 0.178 | −0.643 | 0.199 |
| LOSS | 0.108 | 0.178 | 0.102 | 0.205 | 0.097 | 0.228 |
| σ (CFO) | −0.054 | 0.771 | −0.066 | 0.718 | −0.053 | 0.774 |
| SALES GROWTH | −0.004 | <0.001 | −0.004 | <0.001 | −0.004 | <0.001 |
| TENURE | 0.005 | 0.678 | 0.005 | 0.658 | 0.008 | 0.474 |
| ACCR_1 | 0.037 | 0.051 | 0.035 | 0.070 | 0.035 | 0.069 |
| BIGN | 0.197 | 0.050 | 0.224 | 0.027 | 0.255 | 0.012 |
| UNCLEAN OPINION | 0.000 | 0.993 | 0.010 | 0.846 | 0.018 | 0.736 |
| LABOR COST | −0.013 | 0.776 | −0.009 | 0.858 | −0.016 | 0.729 |
| National Leader | 0.205 | 0.002 | ||||
| Area Leader | 0.114 | 0.079 | ||||
| City Leader | 0.006 | 0.929 | ||||
| Industry and Year fixed effects | Included | Included | Included | |||
| Adj. R2 | 0.406 | 0.397 | 0.407 | |||
| Panel B: test of difference in coefficients | Difference in coefficients | F-test (p-value) | ||||
| National Leader = Area Leader | 0.091 | 5.09 (0.024) | ||||
| Dependent variable is the natural logarithm of audit fees ( | ||||||
|---|---|---|---|---|---|---|
| Model (1) | Model (2) | Model (3) | ||||
| Estimate | Estimate | Estimate | ||||
| Intercept | 10.470 | <0.001 | 10.266 | <0.001 | 10.521 | <0.001 |
| 0.268 | <0.001 | 0.272 | <0.001 | 0.282 | <0.001 | |
| 0.628 | 0.015 | 0.647 | 0.014 | 0.653 | 0.013 | |
| −0.216 | <0.001 | −0.219 | <0.001 | −0.212 | <0.001 | |
| −0.489 | 0.118 | −0.489 | 0.121 | −0.469 | 0.138 | |
| −0.669 | 0.165 | −0.667 | 0.178 | −0.643 | 0.199 | |
| 0.108 | 0.178 | 0.102 | 0.205 | 0.097 | 0.228 | |
| −0.054 | 0.771 | −0.066 | 0.718 | −0.053 | 0.774 | |
| −0.004 | <0.001 | −0.004 | <0.001 | −0.004 | <0.001 | |
| 0.005 | 0.678 | 0.005 | 0.658 | 0.008 | 0.474 | |
| 0.037 | 0.051 | 0.035 | 0.070 | 0.035 | 0.069 | |
| 0.197 | 0.050 | 0.224 | 0.027 | 0.255 | 0.012 | |
| 0.000 | 0.993 | 0.010 | 0.846 | 0.018 | 0.736 | |
| −0.013 | 0.776 | −0.009 | 0.858 | −0.016 | 0.729 | |
| Industry and Year fixed effects | Included | Included | Included | |||
| Adj. | 0.406 | 0.397 | 0.407 | |||
| Difference in | F-test | |||||
| 0.091 | 5.09 | |||||
Notes:
Coefficient p-values in Panel A are two-tailed and robust standard errors are clustered by firm, following Peterson (2009). F-test p-values in Panel B are one-tailed. Refer to Appendix for variable definitions
As a benefit of your subscription, you can share temporary access to restricted articles.
Each link will stop working after 30 days or 10 uses. You may create up to 10 links in a 30 day period.
Please sign in to your personal account to gift article access.
As a benefit of your subscription, you can share temporary access to restricted articles.
Each link will stop working after 30 days or 10 uses. You may create up to 10 links in a 30 day period.
Gift articles remaining: --
Each link will stop working after 30 days or 10 uses. You may create up to 10 links in a 30 day period.
Gift articles remaining: --
As a benefit of your subscription, you can share temporary access to restricted articles.
Each link will stop working after 30 days or 10 uses.
You have reached the limit of 10 links within a 30 day period.
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.