Multivariate analysis of audit fees and auditor industry leadership: Germany sample
| Dependent variable is the natural logarithm of audit fees (N = 2,910) | ||||||
|---|---|---|---|---|---|---|
| Model (1) | Model (2) | Model (3) | ||||
| Estimate | p-value | Estimate | p-value | Estimate | p-value | |
| Panel A | ||||||
| Intercept | 2.162 | 0.000 | 2.134 | 0.000 | 2.213 | 0.000 |
| SIZE | 0.492 | 0.000 | 0.493 | 0.000 | 0.493 | 0.000 |
| CATA | 0.023 | 0.852 | 0.027 | 0.825 | 0.022 | 0.857 |
| QUICK | −0.036 | 0.001 | −0.037 | 0.000 | −0.036 | 0.001 |
| LEV | 0.262 | 0.079 | 0.253 | 0.088 | 0.244 | 0.104 |
| ROA | −0.485 | 0.000 | −0.473 | 0.001 | −0.467 | 0.001 |
| LOSS | 0.082 | 0.019 | 0.082 | 0.020 | 0.087 | 0.014 |
| σ (CFO) | −0.047 | 0.183 | −0.051 | 0.146 | −0.049 | 0.171 |
| SALES GROWTH | −0.028 | 0.000 | −0.028 | 0.000 | −0.029 | 0.000 |
| TENURE | 0.018 | 0.001 | 0.018 | 0.001 | 0.019 | 0.001 |
| ACCR_1 | 0.005 | 0.606 | 0.006 | 0.581 | 0.005 | 0.608 |
| BIGN | 0.113 | 0.021 | 0.113 | 0.021 | 0.130 | 0.007 |
| UNCLEAN OPINION | 0.110 | 0.016 | 0.109 | 0.019 | 0.101 | 0.028 |
| LABOR COST | −0.003 | 0.482 | −0.003 | 0.469 | −0.003 | 0.433 |
| National Leader | 0.145 | 0.002 | ||||
| Area Leader | 0.122 | 0.027 | ||||
| City Leader | 0.057 | 0.227 | ||||
| Industry- and year-fixed effects | Included | Included | Included | |||
| Adj. R2 | 0.819 | 0.819 | 0.818 | |||
| Panel B : test of difference in coefficients | Difference in coefficients | F-test (p-value) | ||||
| National Leader = Area Leader | 0.023 | 0.79 0.373 | ||||
| Dependent variable is the natural logarithm of audit fees ( | ||||||
|---|---|---|---|---|---|---|
| Model (1) | Model (2) | Model (3) | ||||
| Estimate | Estimate | Estimate | ||||
| Intercept | 2.162 | 0.000 | 2.134 | 0.000 | 2.213 | 0.000 |
| 0.492 | 0.000 | 0.493 | 0.000 | 0.493 | 0.000 | |
| 0.023 | 0.852 | 0.027 | 0.825 | 0.022 | 0.857 | |
| −0.036 | 0.001 | −0.037 | 0.000 | −0.036 | 0.001 | |
| 0.262 | 0.079 | 0.253 | 0.088 | 0.244 | 0.104 | |
| −0.485 | 0.000 | −0.473 | 0.001 | −0.467 | 0.001 | |
| 0.082 | 0.019 | 0.082 | 0.020 | 0.087 | 0.014 | |
| −0.047 | 0.183 | −0.051 | 0.146 | −0.049 | 0.171 | |
| −0.028 | 0.000 | −0.028 | 0.000 | −0.029 | 0.000 | |
| 0.018 | 0.001 | 0.018 | 0.001 | 0.019 | 0.001 | |
| 0.005 | 0.606 | 0.006 | 0.581 | 0.005 | 0.608 | |
| 0.113 | 0.021 | 0.113 | 0.021 | 0.130 | 0.007 | |
| 0.110 | 0.016 | 0.109 | 0.019 | 0.101 | 0.028 | |
| −0.003 | 0.482 | −0.003 | 0.469 | −0.003 | 0.433 | |
| Industry- and year-fixed effects | Included | Included | Included | |||
| Adj. | 0.819 | 0.819 | 0.818 | |||
| Difference in | F-test | |||||
| 0.023 | 0.79 | |||||
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
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