Table 4 Logistic regression results...

Table 4

Logistic regression results

	Model 1	Model 2	Model 3	Model 4	Model 5	Model 6	Model 7	Model 8
PROFIT	−0.001	−0.000	−0.000	−0.001	0.006	0.005	0.007	0.001
SOLV	0.010	0.010	0.007	0.011	−0.040	−0.040	−0.047	−0.005
LIQUID	−0.346	−0.340	−0.410	−0.253	−0.299	−0.250	−0.494	−0.339
AUDITCOM	0.842**	0.959***	0.878**	1.116***
BOARDNUM	−0.106	0.241	0.130	0.226	−0.985	−0.108	−0.415	−0.103
BOARDINDEP	0.014	0.035	−0.008	0.049	−0.058	−0.115	−0.173	−0.417
SIZE	1.115***	1.123***	1.067***	1.266***	2.365***	2.317***	2.454***	2.522***
AC_MEMBERS					−0.571	−0.186	−0.060	−0.628
AC_FEMALE					1.954**	1.928**	1.959**	2.301**
AC_MEETINGS					0.205	0.125	0.012	0.378
SUMFEE	0.007***				0.017***
AVEFEE		0.042***				0.099***
MEDIANFEE			0.063***				0.143***
CHAIRFEE				0.014**				0.060**
AUDITFIRM DUMMIES	no	no	no	no	yes	yes	yes	yes
YEAR DUMMIES	yes	yes	yes	yes	yes	yes	yes	yes
Obs	367	367	367	367	201	201	201	201
Pseudo R2	0.540	0.527	0.536	0.519	0.771	0.751	0.759	0.759
LR chi-square	274.5	267.5	272.5	263.8	189.0	184.0	186.0	186.1
Years	2015–2018	2015–2018	2015–2018	2015–2018	2015–2018	2015–2018	2015–2018	2015–2018

	Model 1	Model 2	Model 3	Model 4	Model 5	Model 6	Model 7	Model 8
PROFIT	−0.001	−0.000	−0.000	−0.001	0.006	0.005	0.007	0.001
SOLV	0.010	0.010	0.007	0.011	−0.040	−0.040	−0.047	−0.005
LIQUID	−0.346	−0.340	−0.410	−0.253	−0.299	−0.250	−0.494	−0.339
AUDITCOM	0.842**	0.959***	0.878**	1.116***
BOARDNUM	−0.106	0.241	0.130	0.226	−0.985	−0.108	−0.415	−0.103
BOARDINDEP	0.014	0.035	−0.008	0.049	−0.058	−0.115	−0.173	−0.417
SIZE	1.115***	1.123***	1.067***	1.266***	2.365***	2.317***	2.454***	2.522***
AC_MEMBERS					−0.571	−0.186	−0.060	−0.628
AC_FEMALE					1.954**	1.928**	1.959**	2.301**
AC_MEETINGS					0.205	0.125	0.012	0.378
SUMFEE	0.007***				0.017***
AVEFEE		0.042***				0.099***
MEDIANFEE			0.063***				0.143***
CHAIRFEE				0.014**				0.060**
AUDITFIRM DUMMIES	no	no	no	no	yes	yes	yes	yes
YEAR DUMMIES	yes	yes	yes	yes	yes	yes	yes	yes
Obs	367	367	367	367	201	201	201	201
Pseudo R2	0.540	0.527	0.536	0.519	0.771	0.751	0.759	0.759
LR chi-square	274.5	267.5	272.5	263.8	189.0	184.0	186.0	186.1
Years	2015–2018	2015–2018	2015–2018	2015–2018	2015–2018	2015–2018	2015–2018	2015–2018

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